The Saudi-owned consortium bought Newcastle for £300 Million

Newcastle United fans were disappointed with Mike Ashley’s stinginess. The first multi-million striker in the English Premier League was gifted and the once mighty club was owned by Ashley for 14 years. Newcastle was finally liberated from the hands of this British billionaire — at least the fans of the club might think so.

English Premier League authorities confirmed in a statement that the Saudi-owned consortium had bought Saudi Public Investment Fund (PIF), PCP Capital Partners and Arabic Sports Media Newcastle. Saudi Crown Prince Mohammed bin Salman, PIF is the head of the fund.

Ashley relinquished ownership of Newcastle for £300 million. A statement from the Premier League said, “PIF, PCP Capital Partners and the Arab Sports Media Consortium have ended the dispute over ownership of Premier League clubs Newcastle United and St James Holdings Limited. With this, Newcastle United was sold to this consortium.

However, Amnesty International warned against handing over Newcastle to a Saudi-owned company.

They claimed that the Saudi monarchy would use the club to try to erase past human rights abuses, in the language of sports, which is ‘sportswashing’. But a Premier League statement confirmed that the Saudi monarchy would not control the club, saying they had received a “legal promise”.

Yasir al-Rumaiyan, a Saudi businessman and chairman of the country’s oil company Saudi Armaco, is the governor of the Public Investment Fund (PIF). “We are very proud to be the new owner of Newcastle United,” he said after taking ownership of Newcastle. It is one of the most famous clubs in English football. Newcastle have never won a title since the launch of the English Premier League. However, the club has won the first division league of England four times. The team has not been able to do well in recent seasons. This time Newcastle is on the relegation list.


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