England's Premier League on Thursday approved the buyout of Newcastle United by a Saudi Arabian investment fund. In a statement, it said: "The club is sold to the consortium with immediate effect." It added that the Premier League has "received legally binding guarantees that the Kingdom of Saudi Arabia will not control the Newcastle United club". The $409 million takeover by the Saudi Public Investment Fund collapsed last year over concerns about how much control the Kingdom's leadership would have in the running of Newcastle. The news will likely be welcomed by Newcastle United fans, who have suffered for 14 years under the ownership of businessman Mike Ashley. "We are extremely proud to become the new owners of Newcastle United, one of the most famous clubs in English football," PIF governor Yasir Al-Rumayyan said. "We thank the Newcastle fans for their tremendously loyal support over the years and we are excited to work together with them." The PIF will be the majority partner alongside wealthy British-based Reuben brothers and financier Amanda Staveley. An investment group led by the Public Investment Fund (PIF), and also comprising PCP Capital Partners and RB Sports & Media (the Investment Group), has completed the acquisition of 100% of Newcastle United Limited and Newcastle United Football Club Limited from St. James Holdings Limited. All requisite approvals have been obtained from the English Premier League and the acquisition was completed on Oct. 7 2021. The Investment Group is comprised of long-term, patient investors who have every confidence in the future success of the Club. Today's announcement is the conclusion of a thorough and detailed process that has allowed the Investment Group to arrive at a deal that benefits all stakeholders and will leave Newcastle United well-placed to pursue a clear, long-term strategy. PIF Governor Al-Rumayyan will serve as non-executive chairman of Newcastle United. 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. For PIF, one of the world's most impactful investors, the acquisition is in line with its strategy of focusing on key sectors including Sports and Entertainment, and aligns with PIF's mission to actively invest over the long term — in this case, to harness the Club's potential and build upon the Club's legacy. The directors of the Investment Group thank Mike Ashley for his commitment to the sale process. We would also like to thank the Premier League for its contribution in the regulatory process, which has helped lead to completion of this deal. — Euronews/SPA
