The Saudi-led takeover of Newcastle United has been approved, the Premier League announced on Thursday.
“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,” the Premier League said in a statement.
“Following the completion of the Premier League’s owners’ and directors’ Test, the club has been sold to the consortium with immediate effect.”
A Premier League statement said: “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.
“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.”
TNG reports that, Newcastle will have the wealthiest owners in world football by some distance after their £300million takeover.
Providing the deal is structured similarly to the original offer, Yasir Al-Rumayyan – a close associate of Saudi royalty Mohammed bin Salman – will become new chairman, with his powerful friend also backing the Magpies’ takeover.
Following the deal’s completion, the Saudi consortium are expected to own 80 percent of the club – with Amanda Staveley and the Reuben brothers evenly splitting the remaining 20 per cent.