Saudi Investment Fund acquires Newcastle, England


books:
Mohammed Mustafa

Thursday 7 October 2021

07:12 PM


The English Premier League announced the completion of the 100% acquisition of Newcastle Football Club by an investment group led by the Saudi Public Investment Fund, today, Thursday, after obtaining the required approvals from the English Premier League.

The statement did not mention the value of the deal, while reports this morning indicated that the deal is estimated at 300 million pounds, after the approval of the English Premier League, which proved an alliance that includes the Saudi Public Investment Fund, BCB Capital Partners and Robin Brothers, and that the Saudi state will not control the club.

And Newcastle said in a statement on its official website, that the acquisition of the Saudi Investment Fund is in line with its strategy to focus on the sports and entertainment sectors, a long-term investment policy.

Yasser Al-Rumayyan, Governor of the Saudi Investment Fund commented: “We are extremely proud to be the new owners of Newcastle United, one of the most popular clubs in English football. We thank the Newcastle fans for their very loyal support over the years and are excited to work with them.”

The investment fund thanked Mike Ashley, the former owner of Newcastle, for his commitment to the sale, and also thanked the English Premier League for its contribution to the completion of this transaction.

The investment group confirmed that it will work in the long term, as it consists of a group of patient investors who have confidence in the club’s future success.

Newcastle stated that Yasser Al-Rumayyan, the governor of the Saudi Investment Fund, will serve as CEO of Newcastle, and Amanda Staveley, CEO of BCB Capital Partners, will have a seat on the board of directors, while Jimmy Rubin will also take over as director of the club representing RB Sports and Media.

It is noteworthy that the deal was about to be completed in April 2020, but it faced some obstacles before the investment group announced, in August of the same year, the failure of the acquisition of Newcastle.

This development in the negotiations came in the wake of news that Saudi Arabia had lifted its ban on the beIN Sports network, allowed broadcasts of the English Premier League, UEFA and FIFA, as well as promised to shut down piracy websites.

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