A consortium led by Saudi Arabia’s sovereign wealth fund, the Public Investment Fund (PIF), has clinched a deal to buy Newcastle United, the English football club.
After 18 months of on-off negotiations, the PIF, along with British financial entrepreneur Amanda Staveley and billionaire investors the Reuben brothers, finally sealed a £300 million ($410 million) deal with Mike Ashley, the club’s owner.
“We are extremely proud to become the new owners of Newcastle United, one of the most famous clubs in English football,” Yasir Al-Rumayyan, governor of PIF, said. “We thank the Newcastle fans for their tremendously loyal support over the years and we are excited to work together with them.”
With the purchase, Newcastle will join the ranks of Europe’s super-clubs, including Manchester City and Paris Saint-Germain, which have the backing of wealthy and committed owners.
source/content: arabnews.com
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SAUDI ARABIA