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Newcastle takeover completed by Saudi-led consortium

The takeover sees Saudi Arabia’s Public Investment Fund (PIF) take controlling 80-per-cent stake and end Mike Ashley’s controversial 14-year ownership of the club; manager Steve Bruce is expected to be replaced; Newcastle are next in action against Spurs on Oct 17 . The Premier League confirmed the takeover in a statement on Thursday, saying it had received “legally binding assurances” that the Kingdom of Saudi Arabia will not control Newcastle United.The investment group is led by the Public Investment Fund (PIF) and also comprises of PCP Capital Partners and RB Sports & Media.

Newcastle’s new owners are expected to replace Steve Bruce as head coach, however how soon that will be remains to be seen, while the club’s next match is  against Tottenham on October 17.A decision on when Bruce would be replaced has yet to be made. The consortium do not want to make any knee-jerk decisions, but it is understood one of the priorities is deciding who will take over in the dugout at St James’ Park moving forward.Yasir Al-Rumayyan, Governor of PIF, will serve as non-executive chairman of Newcastle United. Amanda Staveley, chief executive of PCP Capital Partners, will have one seat on the board, while Jamie Reuben will also be a director of the club, representing RB Sports & Media.

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 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.”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.

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“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.”

Source: sky sports

Nana Kay

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