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Newcastle United

Saudi consortium complete Newcastle United takeover

By , Reporter
Saudi consortium complete Newcastle takeover
© Reuters
Saudi-led consortium complete the takeover of Newcastle United, ending Mike Ashley's spell as Magpies owner.

Newcastle United have confirmed that a Saudi-led consortium has completed a takeover of the club.

After an initial plan was blocked 18 months ago, a group rebuilt a plan to take control of the Magpies, with the Premier League blocking a move after the Saudi state appeared to be gaining a majority stake in the St. James' Park club.

However, after the Public Investment Fund said to be providing 80% of the required £300m has been declared separate from the state, the plan has been reignited.

Following piracy disputes regarding broadcaster beIN Sports, the consortium, fronted by financier Amanda Staveley, have finally been able to complete their move, as confirmed by the club website on Thursday.

Such a move sees Mike Ashley's 14-year spell as Magpies owner come to an end, with the group taking full control of the Premier League outfit.

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