Saudi-led consortium completes takeover of Newcastle United
Oct 08, 2021
Newcastle [UK], October 8 : The Premier League, Newcastle United Football Club and St James Holdings Limited on Thursday 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.
Yasir Al-Rumayyan, Governor of PIF, will serve as Non-Executive Chairman of Newcastle United. Amanda Staveley, chief executive of PCP Capital Partners, will have one seat on the board. Jamie Reuben will also be a director of the Club, representing RB Sports & Media.
