Newcastle United Officially Acquired by Prince of Saudi Arabia

Newcastle, MINA – Newcastle United, English football club is officially take over by a consortium owned by the Crown Prince of Saudi Arabia, Prince Mohammed bin Salman. The news was delivered directly ny The Magpies, the club’s nickname.

The Public Investment Fund (PIF) officially acquired Newcastle on Thursday night. The company owned by Mohammed bin Salman took over The Toon 100 percent from the hands of its previous owner, Mike Ashley.

“The investment group, led by the Public Investment Fund, and also consisting of PCP Capital Partners and RB Sports & Media, has completed the acquisition of 100% of Newcastle United Limited and Newcastle United Football Club Limited of St. James Holdings Limited,” said an official statement issued by Newcastle on social media.

All terms of the acquisition of Newcastle United have been approved by the Premier League. PIF Governor Yasir Al-Rumayyan was appointed Non-Executive Chairman of Newcastle.

“We are very proud to be the new owners of Newcastle United, one of the most famous clubs in English football. We thank them Newcastle fans for their loyal support over the years and we are delighted to work with them,” Al-Rumayyan told the club’s official website.

PIF is determined to turn Newcastle into a top Premier League team. PIF previously confirmed that the funds to buy shares in The Magpies were not using Saudi Arabia’s state treasury.

Going forward, the Public Investment Fund (PIF) will manage Newcastle United professionally. The presence of the club owner from Saudi Arabia also adds to the bosses from the Middle East who acquire European clubs.

In the Premier League there is Manchester City which was acquired by a member of the United Arab Emirates kingdom, Sheikh Mansour in 2008. In addition, there is also Paris Saint-Germain from France which is owned by Qatari businessman, Nasser Al-Khelaifi. (T/RE1)

Mi’raj News Agency (MINA)