Newcastle United Football Club has been acquired by PIF, PCP Capital Partners and RB Sports & Media

By Obiajulu Chiagoziem

It’s now official that Newcastle United club has been sold out to new owners. The news was confirmed today being the 7th day of October 2021.

Former owner, Mike Ashley has finally succeeded in selling Newcastle United club to new hands after the long-awaited takeover of Newcastle United has been approved by the Premier League after it said it received “legally binding assurances” the club would now be controlled by Saudi Arabia.

“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 statement read.

“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.”

Based on the decision held after the resolution on how the club will be run, it was thus broke down that Yasir Al-Rumayyan, the governor of the PIF, will serve as Newcastle’s non-executive chairman, with Staveley holding a seat on the board, a club statement said. Jamie Reuben will also be a director.

Al-Rumayyan said: “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.”

Staveley added: “This is a long-term investment. We are excited about the future prospects for Newcastle United.

“We intend to instil a united philosophy across the club, establish a clear purpose, and help provide leadership that will allow Newcastle United to go on to big achievements over the long term.

“Our ambition is aligned with the fans – to create a consistently successful team that’s regularly competing for major trophies and generates pride across the globe.”

Reuben said: “We look forward to a great future for Newcastle United. Newcastle is a fantastic city, which is why our family has been investing heavily in the area for many years. To become part of this great club and its amazing fans is a privilege.

“We will build a true community club, based upon our family’s knowledge of the city and in line with our plans that have been worked on closely with Newcastle City Council to deliver long-term sustainable growth for the area.” he concluded.