Last update on. From the section Newcastle
Mike Ashley took over Newcastle in 2007.
Newcastle United was taken over by Saudi Arabians.
After receiving "legally binding assurances," the Premier League approved the takeover.
Instead, the Public Investment Fund (PIF), who will provide 80% funds for the 300m deal is considered separate from the state.
After the Premier League directors and owners tested the sale, it was approved.
Mike Ashley's 14-year tenure as Newcastle United owner is over with the takeover.
Premier League stated that the Premier League, Newcastle United Football Club, and St James Holdings Limited had reached an agreement regarding the takeover of the club from the consortium of PIF Capital Partners, PCP Capital Partners, and RB Sports & Media.
"The legal issues involved which entities would be able to own the club and/or control it after the takeover. All parties agreed that a settlement was necessary in order to end the uncertainty for fans about the club's ownership.
"The Premier League has received legally binding assurances from the Kingdom of Saudi Arabia that Newcastle United Football Club will not be controlled by them,"
"All parties are happy to have completed this process which provides certainty and clarity for Newcastle United Football Club's fans."
According to reports, the resolution was reached after Saudi Arabia settled a piracy dispute against Qatar-based broadcaster beIN Sport. This rights includes Premier League matches in Middle East.
Although the Saudi Arabian state was accused of human rights violations, the majority owner PIF has been deemed a separate entity. This means that any piracy issues and other obstacles to the takeover are no longer an obstacle, according to the Premier League.
We will keep you posted.
