Crown prince mohammed bin salman acquires football team Newcastle United.

[WinterFangs]

A Saudi Arabian-backed takeover of Newcastle United has been completed.

The Premier League has approved the takeover after receiving "legally binding assurances" that the Saudi state would not control the club.
Instead the Public Investment Fund (PIF), which will provide 80% of funds for the £300m deal, is seen as separate to the state.

The sale went through after the deal passed the Premier League owners' and directors' test.

The takeover brings to an end Mike Ashley's 14-year spell as Newcastle United owner.

• What's next for Newcastle after £300m takeover?

A Premier League statement said: "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 legal disputes concerned which entities would own and/or have the ability to control the club following the takeover. All parties have agreed the settlement is necessary to end the long uncertainty for fans over the club's ownership.

"The Premier League has now received legally binding assurances that the Kingdom of Saudi Arabia will not control Newcastle United Football Club.

"All parties are pleased to have concluded this process which gives certainty and clarity to Newcastle United Football Club and their fans."

It is believed that a resolution came after Saudi Arabia settled an alleged piracy dispute with Qatar-based broadcaster beIN Sports, which own rights to show Premier League matches in the Middle East.

The Saudi Arabian state has been accused of human rights abuses, but with the majority owner PIF deemed a separate entity, that, and any piracy issues, were no longer an impediment to the takeover, in the Premier League's view.

Newcastle United: Saudi Arabian-backed takeover completed

A £305m Saudi Arabian-backed takeover of Premier League club Newcastle United is completed.

www.bbc.co.uk

Saudi-led consortium takeover of Newcastle United approved, Premier League announces

The £300m deal has been agreed after the league confirmed it had received "legally binding assurances that the Kingdom of Saudi Arabia will not control" the club.

news.sky.com

 

[Kambojaric]

Oh dear, another City/PSG. The petrodollar clubs will soon be spending £200-300 million to purchase standard players. Unless FA/UEFA get serious on financial fair play football will go on a downwards trajectory I fear. In fact it already has.

 

[HttpError]

Money has literally ruined every sport we can think of. Perhaps Chess is the only game I think of which hasn't ruined it as not many people are smart enough to play that game and Magnus is a true legend of that game.

 

[Myth_buster_1]

Money has literally ruined every sport we can think of. Perhaps Chess is the only game I think of which hasn't ruined it as not many people are smart enough to play that game and Magnus is a true legend of that game.

Is chess really a sport? Lol

 

[HttpError]

Is chess really a sport? Lol

For people with Fish Brain, it may not be a game, but for people who have issues with comprehension, I referred to it as a "game" and not sports

 

[Tango101]

Oh dear, another City/PSG. The petrodollar clubs will soon be spending £200-300 million to purchase standard players. Unless FA/UEFA get serious on financial fair play football will go on a downwards trajectory I fear. In fact it already has.

Going down that road, this club would make PSG and Man City look like child's play unfortunately, solely due to the Saudis having 10x more financial resources. The beautiful game's getting ugly.

 

[Raider 21]

A Saudi Arabian-backed takeover of Newcastle United has been completed.

The Premier League has approved the takeover after receiving "legally binding assurances" that the Saudi state would not control the club.
Instead the Public Investment Fund (PIF), which will provide 80% of funds for the £300m deal, is seen as separate to the state.

The sale went through after the deal passed the Premier League owners' and directors' test.

The takeover brings to an end Mike Ashley's 14-year spell as Newcastle United owner.

• What's next for Newcastle after £300m takeover?

A Premier League statement said: "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 legal disputes concerned which entities would own and/or have the ability to control the club following the takeover. All parties have agreed the settlement is necessary to end the long uncertainty for fans over the club's ownership.

"The Premier League has now received legally binding assurances that the Kingdom of Saudi Arabia will not control Newcastle United Football Club.

"All parties are pleased to have concluded this process which gives certainty and clarity to Newcastle United Football Club and their fans."

It is believed that a resolution came after Saudi Arabia settled an alleged piracy dispute with Qatar-based broadcaster beIN Sports, which own rights to show Premier League matches in the Middle East.

The Saudi Arabian state has been accused of human rights abuses, but with the majority owner PIF deemed a separate entity, that, and any piracy issues, were no longer an impediment to the takeover, in the Premier League's view.

Newcastle United: Saudi Arabian-backed takeover completed

A £305m Saudi Arabian-backed takeover of Premier League club Newcastle United is completed.

www.bbc.co.uk

Saudi-led consortium takeover of Newcastle United approved, Premier League announces

The £300m deal has been agreed after the league confirmed it had received "legally binding assurances that the Kingdom of Saudi Arabia will not control" the club.

news.sky.com

These Arabs, Jews and Chinese.......they got way too much money on their hands........

 

[Clutch]

Missed-goal = Bone Saw