The Premier League has approved a Saudi-backed consortium’s takeover of Newcastle United.
Mike Ashley’s 14-year reign as manager of the Magpies will come to an end with this move. Amanda Staveley, a British businesswoman, is at the helm of the consortium.
Staveley, who was born in Yorkshire, is well-known for her connections with Middle Eastern investors.
Her firm, PCP Capital Partners, represented Sheikh Mansour of the Abu Dhabi royal family in his 2008 purchase of Manchester City.
The consortium also includes the Reuben Brothers and the Public Investment Fund of Saudi Arabia (PIF).
The proposed move is expected to result in PIF owning 80% of the club, with PCP Partners and Reuben Brothers each owning 10%.
In April 2020, the consortium and Mike Ashley agreed to a £300 million deal.
The consortium withdrew, however, after the Premier League identified the Saudi stake as a director with control over the club, making it subject to the league’s owners’ and directors’ test as part of the takeover process.
Premier League statement on Newcastle United takeover
The Premier League issued the following statement: “The Premier League, Newcastle United Football Club, and St James Holdings Limited have today settled the dispute over the club’s takeover by the consortium of PIF, PCP Capital Partners, and RB Sports & Media.”
“With immediate effect, the club has been sold to the consortium following the completion of the Premier League’s Owners’ and Directors’ Test.”
“The legal squabbles centered on which entities would own and/or control the club following the takeover.”