(NBC Sports) — The takeover of Newcastle United has finally been agreed, as a Saudi Arabian-led consortium has agreed a reported $407 million deal to buy the Premier League club.
This comes after the same consortium pulled out of the deal in July 2020, but the deal has now been completed, the Magpies confirmed.
Saudi Arabia’s Public Investment Fund (PIF) will have a majority 80 percent stake in Newcastle.
Businesswoman Amanda Staveley has led the group from the start (their original interest dates back to 2017) and local billionaire businessmen, the Reuben brothers, are also part of the consortium and will also be on the board of directors alongside Staveley to oversee day-to-day operations.
Yasir al-Rumayyan, the governor of Saudi Arabia’s PIF, has become the club’s non-executive chairman.
Following an 18-month wait to complete the deal, the 14-year reign of previous Newcastle owner Mike Ashley is over at St James’ Park. takeover Original Article By: Joe Prince-Wright
Saudi Arabia walked away from the table in 2020, what made them come back and finish the deal in 2021? Why do organizations/people want to own a sports franchise?
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