Newcastle United takeover finally confirmed

Newcastle United's long-awaited, Saudi Arabia-backed takeover has finally been confirmed, bringing Mike Ashley's unpopular tenure at St James' Park to an end.

The consortium - made up of PCP Capital Partners, David and Simon Reuben and the Gulf state's Public Investment Fund - first started planning their bid all the way back in 2017.

They eventually tabled an offer in 2020, but the Premier League blocked the purchase over fears that the Saudi partners would become directors at the club, as well as a dispute over broadcasting rights.

This prompted Ashley to launch two-fold legal action. The first was an arbitration between himself and the Premier League, while the second was a Competition Appeal Tribunal.

Recently, a breakthrough was made when Saudi Arabia lifted its ban on Qatar-owned beIN SPORTS. After this the Premier League indicated that they would support the takeover - and Ashley also dropped his case, leaving no further roadblocks.

In a statement, the Premier League said: "The Premier League, Newcastle United Football Club and St James Holdings Limited have today settled the dispute over the takeover of the club by the consortium of PIF, PCP Capital Partners and RB Sports & Media.

"Following the completion of the Premier League's Owners' and Directors' Test, the club has been sold to the consortium with immediate effect.

"The legal disputes concerned which entities would own and/or have the ability to control the club following the takeover.

"All parties have agreed the settlement is necessary to end the long uncertainty for fans over the club’s ownership.

"The Premier League has now received legally binding assurances that the Kingdom of Saudi Arabia will not control Newcastle United Football Club.

"All parties are pleased to have concluded this process which gives certainty and clarity to Newcastle United Football Club and their fans."

An official club statement from Newcastle read: "The Investment Group is comprised of long-term, patient investors who have every confidence in the future success of the Club. Today’s announcement is the conclusion of a thorough and detailed process that has allowed the Investment Group to arrive at a deal that benefits all stakeholders and will leave Newcastle United well-placed to pursue a clear, long-term strategy.

"His Excellency 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. Jamie Reuben will also be a director of the Club, representing RB Sports & Media.

"For PIF, one of the world’s most impactful investors, the acquisition is in line with its strategy of focusing on key sectors including Sports and Entertainment, and aligns with PIF’s mission to actively invest over the long term – in this case, to harness the Club’s potential and build upon the Club’s legacy."

Amanda Staveley, CEO of PCP Capital Partners, 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."

Although the change in ownership will likely lead to success on the pitch, Saudi Arabia's involvement has been criticised by many, including human right group Amnesty international.

"Instead of allowing those implicated in serious human rights violations to walk into English football simply because they have deep pockets, we've urged the Premier League to change their owners' and directors' test to address human rights issues," the organisation said in a statement.

"The phrase 'human rights' doesn't even appear in the owners' and directors' test despite English football supposedly adhering to Fifa standards. We've sent the Premier League a suggested new human rights-compliant test and we reiterate our call on them to overhaul their standards on this.

"As with Formula One, elite boxing, golf or tennis, an association with top-tier football is a very attractive means of rebranding a country or person with a tarnished reputation. The Premier League needs to better understand the dynamic of sportswashing and tighten its ownership rules."