The English Premier League announced in an official statement today, Thursday, that a group led by the Public Investment Fund in Saudi Arabia has acquired Newcastle United.
"After completing the owners and managers' test in the Premier League, the club will be sold to this alliance with immediate effect," he added.
The Saudi sovereign wealth fund also announced that it had completed the acquisition of Newcastle United.
The Saudi Public Investment Fund said today, Thursday, on Twitter, that an investment group led by it, which includes (BCB Capital Partners) and (RB Sports and Media), has completed the acquisition of Newcastle United by 100%.
His Excellency Mr. Yasser bin Othman Al-Rumayyan, Governor of the Public Investment Fund, also commented on the acquisition pic.twitter.com/FrYhSG0jiE
— Public Investment Fund (@PIFSaudi) October 7, 2021
Yasser Al-Rumayyan, governor of the Saudi Sovereign Fund, said, "We are pleased to announce the ownership of Newcastle Club, and we thank the fans for their loyalty to this ancient entity over the years, and we look forward to working with them for the benefit of the club."
Reports stated that the deal to buy Newcastle by the Saudi Public Investment Fund - headed by Crown Prince Mohammed bin Salman - could amount to 305 million pounds ($415 million).
🤝 An investment group led by the Public Investment Fund, and also comprising PCP Capital Partners and RB Sports & Media, has completed the acquisition of 100% of Newcastle United Limited and Newcastle United Football Club Limited from St.
James Holdings Limited.
⚫️⚪️
— Newcastle United FC (@NUFC) October 7, 2021
As soon as the news of the Saudi acquisition was announced, dozens of Newcastle United supporters flocked to the club's headquarters amid wide celebrations.
Video clips published by journalists and supporters of the club showed the celebrations and the joy in front of its headquarters and stadium.
More from St James', seconds after the news came through pic.twitter.com/j2XxG0eJVP
— Josh Halliday (@JoshHalliday) October 7, 2021
Newcastle fans hope for a new start for the club led by the Saudi Sovereign Fund, after the end of the era of former owner Mike Ashley, which spanned about 14 years, in which the club suffered from a lack of investment and weak ambition.