LONDON: A Saudi-led consortium completed its takeover of Premier League club Newcastle United on Thursday.
The English top flight said it had settled legal disputes that had initially stalled the £300 million ($408 million) takeover and received “legally binding assurances” that the Saudi Arabian government would not control the club.
“The Premier League, Newcastle United Football Club and St James Holdings Limited have today settled the dispute over the takeover of the club by the consortium of PIF, PCP Capital Partners and RB Sports & Media,” the Premier League said in a statement.
“Following the completion of the Premier League’s owners’ and directors’ Test, the club has been sold to the consortium with immediate effect.”
Newcastle, currently managed by former Manchester United defender Steve Bruce, are without a win in their opening seven games of the Premier League season and sit second-bottom of the table.
The transformation of Manchester City into serial winners since a 2008 takeover from Sheikh Mansour, a member of the Abu Dhabi royal family, is the template for the club to follow.
