Will Newcastle United become the new superpower in European football?
The Premier League side have been taken over by a consortium linked to Saudi Arabia
PSG, Manchester City, Chelsea... and now Newcastle United. The Premier League club announced on Thursday that they have been taken over by a Saudi Arabian investment group in a deal worth around 350 million euros.
PIF, PCP Capital Partners and RB Sports & Media are the consortium that has taken over the club after Mike Ashley finally managed to find a buyer after trying to sell for many years. Of the consortium, PIF (Public Investment Fund), with an enormous influence in Saudi Arabia, stand out. The Fund is said to be worth over €300 billion.
With the takeover, Newcastle become one of the new superpowers in European football, with fans celebrating outside their St James' Park stadium on Thursday night.
"His Excellency Yasir Al-Rumayyan, Governor of PIF, will serve as Non-Executive Chairman of Newcastle United," a statement from the club read.
"Amanda 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."
His Excellency Yasir Al-Rumayyan, Governor of PIF, 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."
Amanda Staveley, Chief Executive Officer of PCP Capital Partners, said: "This is a long-term investment. We are excited about the future prospects for Newcastle United.
"We intend to instill 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."
Newcastle are currently second bottom of the Premier League without a win in their first seven games this season.
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