The sovereign wealth fund of Saudi Arabia has taken control of Newcastle United FC after securing the go-ahead from the United Kingdom’s Premier League, Bloomberg reported.
The Premier League said the transaction was given the approval after the completion of the Premier League’s owners and directors, selling the club to the consortium with “immediate effect.”
The announcement comes after Saudi Arabia agreed to lift a broadcasting ban on Qatar-based BeIn Media Group, a major concern that has stalled the deal. The transaction has been a year and a half in the making.
Saudi Arabia’s Public Investment Fund head Yasir Al Rumayyan will sit as a non-executive chairman of the club, who thanked Newcastle fans for their “tremendously loyal” support.
The PIF will have an 80% share, while both billionaire businessman David Reuben’s son Jamie Reuben and financier Amanda Stavely will each take 10%, with sources estimating the transaction at 305 million pounds.
Reuben and Stavely will also join the board.