Newcastle United Officially Sold to Saudi-Backed Ownership Group in $415M Deal

AP Photo/Scott Heppell

The Newcastle United Football Club announced on Thursday that the team has officially been sold to an ownership group with ties to Saudi Arabia.

The team was reportedly sold for $415 million (£305 million), per The Telegraph‘s Uche Amako. The investment group is led by the Public Investment Fund (PIF), and also comprises of PCP Capital Partners and RB Sports & Media. 

An agreement was originally reached in April 2020, but the PIF—a state investment fund overseen by Crown Prince Mohammed bin Salman—failed to pass the Premier League’s owners’ and directors’ test at the time. Prior to the completion of the sale, the Premier League had to receive legal assurances regarding the ownership of the team.

“The legal disputes concerned which entities would own and/or have the ability to control the club following the takeover,” the Premier League said in a statement, via Independent reporter Miguel Delaney.

“The Premier League has now received legally binding assurances that the Kingdom of Saudi Arabia will not control Newcastle United Football Club,” the statement continued.

Newcastle United expressed its satisfaction with the acquisition, saying in a press release that the deal “benefits all stakeholders and will leave Newcastle United well-placed to pursue a clear, long-term strategy”

“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 in the press release. “We thank the Newcastle fans for their tremendously loyal support over the years and we are excited to work together with them.”

Newcastle United is currently winless in the 2021-22 Premier League season with three draws and four losses. The club will be back in action on October 17 against Tottenham Hotspur.