Here’s everything you need to know about the Arab takeover of Newcastle United including the new owner and his net worth and also the reason the deal was halted earlier
Newcastle United, a Premier League football club has officially been sold to it’s new owners. The club has finally completed it’s Arab takeover which was pending for almost a year now. The deal was stopped earlier this year after months of discussions. However, as usual the people with big bucks have prevailed yet again and the deal is signed now.
Mike Ashley was the previous owner of the club and had been with the club for 14 years. Ashley was in search for new owners of the club for a while now. With that being said let’s take a look at a detailed look at the Arab takeover of the club.
Arab takeover of Newcastle United: Who is the club’s new owner and his net worth
Newcastle United has been officially taken over by Saudi Arabian-led consortium. The deal will see 80% of the club being owned by Saudi consortium backed by PIF of Saudi Arabia. The rest 20% has been allotted to other partners. The takeover has been completed and the deal is reportedly worth around $400 million.
It is worth noting that the new ownership of the club is backed by the crown prince of Saudi Arabia, Mohammed bin Salman. This will technically bring the wealth of the whole nation behind the club. The crown prince himself has a net worth of $18 billion. Moreover, the Public Investment Fund(PIF) of the state has a valuation of $500 billion.
So with the over the top wealth of the new owners you can expect some serious signings over the next years. Newcastle might just end up being the next PSG!
Why was the deal halted earlier this year?
The takeover was almost completed back in January before Premier League decided to intervene and stop the deal. The deal was put on hold because of a ban on beIN sports who are the broadcasters of the league in the middle eastern region. Saudi Arabia had a four year ban on beIN sports which restricted them to telecast premier league amongst other leagues.
But in an effort to finally get the deal done the ban was lifted. The channel can start broadcasting the league again. This has led to the official takeover of the club by the Saudi state.
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