Newcastle United, an English team, was sold to the Saudi Public Investment Fund for 305 million pounds, according to the English Premier League.
By acquiring 100% of Newcastle United’s shares, the Saudi Public Investment Fund puts an end to Mike Ashley’s 14-year term in office.
In a tweet to the Saudi Public Investment Fund, it declared that Newcastle United has been purchased in its entirety by an investment partnership that includes Capital Partners and RB Sports & Media.”
“Today, we are thrilled to announce the acquisition of Newcastle United, one of the most famous clubs in English football,” said His Excellency Yasser bin Othman Al-Rumayyan, Governor of the Public Investment Fund.
He also thanked the Newcastle fans for their devotion to this ancient entity over the years,
Following confirmation that the Saudi Public Investment Fund had concluded the deal to buy Newcastle United, fans gathered to “St James’ Park” to celebrate.
Newcastle is set to become one of the world’s wealthiest teams, and the deal is likely to open the stage for a spending frenzy in the following transfer windows, to propel the club into the ranks of Europe’s elite.