“All parties have agreed the settlement is necessary to end the long uncertainty for fans over the club’s ownership.”
The Premier League has confirmed that Newcastle United has officially been sold to a Saudi-led consortium.
Newcastle released a statement on Thursday evening to say that “His Excellency Yasir Al-Rumayyan”, Governor of PIF, will now serve as Non-Executive Chairman of Newcastle United.
Al-Rumayyan wrote: “We are extremely proud to become the new owners of Newcastle United, one of the most famous clubs in English football.
“We thank the Newcastle fans for their tremendously loyal support over the years and we are excited to work together with them.”
— Newcastle United FC (@NUFC) October 7, 2021
Premier League confirm Newcastle takeover
The Premier League’s statement said that it has “received legally binding assurances that the Kingdom of Saudi Arabia will not control Newcastle”, which was an issue holding the deal back until now.
The League’s statement reads: “The Premier League, Newcastle United Football Club and St James Holdings Limited have today settled the dispute over the takeover of the club by the consortium of PIF, PCP Capital Partners and RB Sports & Media.
“Following the completion of the Premier League’s Owners’ and Directors’ Test, the club has been sold to the consortium with immediate effect.
“The legal disputes concerned which entities would own and/or have the ability to control the club following the takeover.
“All parties have agreed the settlement is necessary to end the long uncertainty for fans over the club’s ownership.
“The Premier League has now received legally binding assurances that the Kingdom of Saudi Arabia will not control Newcastle United Football Club.
“All parties are pleased to have concluded this process which gives certainty and clarity to Newcastle United Football Club and their fans.”
Club legend Alan Shearer has weighed in on the subject, celebrating the fact that Mike Ashley is no longer involved in the club.
Yesssssssss. We can dare to hope again 👏🏻👏🏻👏🏻 🙋🏼♂️⚫️⚪️⚫️⚪️⚫️⚪️ #NUFC
— Alan Shearer (@alanshearer) October 7, 2021
Meanwhile, it is clear what the Newcastle fans think of being one of the richest clubs in the world.
We've got our club back 🎶
Newcastle fans are outside St James' Park letting the world know how they feel about the takeover pic.twitter.com/5XV4tG7qKp
— Football Daily (@footballdaily) October 7, 2021
We have taken a look at some of the actions that Newcastle should now take under their new owners, which you can read here.