Newcastle United have confirmed the club’s takeover by Yasir Al-Rumayyan and the Public Investment Fund, ending Mike Ashley’s 14-year ownership.
The sale of the club to a Middle East consortium was completed by Amanda Staveley, the Reuben brothers and the Public Investment Fund.
Staveley, the chief executive of PCP Capital, will take a seat on Newcastle’s board, whilst the governor of PIF Yasir Al-Rumayyan will act as the club’s non-executive chairman.
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Jamie Reuben of RB Sports & Media completes the three-person board as the Magpies prepare for a new era after the initial deal broke down 18 months ago.
Al-Rumayyan, though, has led the takeover through the Saudi-led Investment Fund and is also known as Chairman of Saudi Aramco., which is a public petroleum and natural gas company.
According to Market Cap, Saudi Aramco is the third-most wealthy company in the world behind Apple and Microsoft, valued at just over $1.9 trillion on as of October 8, 2021.
The Public Investment Fund is reportedly the third-largest sovereign fund in the Arab world, with assets worth $360 billion.
Al-Rumayyan is also a board member of Uber Technologies Inc., SoftBank Group, Reliance Industries Limited, whilst being former Chief Executive Officer of Saudi Fransi Capital.
After everything was agreed, the deal was officially confirmed by the Premier League after the takeover initially fell through 18 months ago.
The statement read: "The Premier League has now received legally binding assurances that the Kingdom of Saudi Arabia will not control Newcastle United.
"All parties are pleased to have concluded this process which gives certainty and clarity to Newcastle United Football Club and their fans."
The news sparked jubilant scenes outside St James' Park, with Ashley ending his stay at the club and new owners coming in, including Rumayyan.
The 51-year-old also commented: "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."
The first game of the new era takes places on Sunday, October 17 as Tottenham Hotspur at St James' Park.
It's expected to be a terrific atmosphere as Newcastle fans are jubiliant about the takeover following what has been a tough decade with Ashley at the helm.
