Saudi-led consortium end Mike Ashley’s 14-year Newcastle ownership

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Newcastle United

The £300m takeover of Newcastle United has officially been completed, with a Saudi-led consortium ending Mike Ashley’s 14-year ownership of the club.

The Premier League confirmed the takeover in a statement on Thursday, saying it had received “legally binding assurances” that the Kingdom of Saudi Arabia will not control Newcastle United.

The investment group is led by the Public Investment Fund (PIF) and also comprises of PCP Capital Partners and RB Sports & Media.

Newcastle’s new owners are expected to replace Steve Bruce as head coach, but no decision has yet been made on when this might happen.

The consortium does not want to make any knee-jerk decisions, but it is understood one of the priorities is deciding who will take over in the dugout at St James’ Park moving forward.

Newcastle’s next match is live on Sky Sports against Tottenham on October 17.

Source: Sky Sports

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