The Saudi Public Investment Fund announced on Thursday its 100% acquisition of Newcastle Football Club, after completing the acquisition of the club, and it is expected that Yasser Al-Rumayyan will be the CEO of Newcastle FC.
And a statement from the Public Investment Fund following the completion of the acquisition of the club continued: “We look forward to working with Newcastle fans for the benefit of the club.
An investment group led by the Public Investment Fund, which also includes PCP Capital Partners and RB Sports & Media, has completed the 100% acquisition of Newcastle United Football Club.
Commenting on the completion of the deal, Governor of the Public Investment Fund Yasser Al-Rumayyan said: “Today we are pleased to announce the acquisition of Newcastle United, one of the most famous clubs in English football, and on this occasion, we thank the Newcastle fans for their loyalty to this ancient entity over the years, and we look forward to working with them when It is in the interest of the club.”
In a related context, the English Premier League announced in a statement that the fund had acquired the entire club.
An investment group led by the Saudi Fund announced last July its withdrawal from the deal to acquire the club; Because of the long procedures that the deal took at its time, and the global situation in light of the spread of Corona.
The value of the acquisition was estimated at 340 million pounds, and the current owner of the club, MIKE Ashley, bought the club in 2007 for 134 million pounds.
The Saudi Fund seeks to diversify investment and expand its investment portfolio to achieve long-term gains, as it searches for attractive strategic investment opportunities locally and internationally, to achieve returns and contribute to the process of economic transformation and diversification of income sources for the Kingdom.