Saudi Arabia-Backed Consortium Takeover English Football Club - Newcastle United | Mohammed Bin Salman

Newcastle Takeover: With a net worth of $430 Billion, Newcastle United's new owners are the richest in Premier League by some distance!

Saudi's crown prince Mohammed bin Salman (right) led PIF takes over the ownership of Newcastle United. (Getty Images)

Newcastle Takeover: A consortium back by the Saudi Arabian Public Investment Fund (PIF), a sovereign wealth fund of the Kingdom of Saudi Arabia has taken over the ownership of the English Premier League club - Newcastle United. PIF is chaired by Saudi Crown Prince Mohammed bin Salman

PIF, along with PCP Capital Partners and RB Sports & Media (the “Investment Group”) has completed the takeover of the club, Newcastle United on 7 October 2021. The club made an announcement in a statement on their official website. 

"His Excellency Yasir Al-Rumayyan, Governor of PIF, will serve as Non-Executive Chairman of Newcastle United. Amanda Staveley, chief executive of PCP Capital Partners, will have one seat on the board," read the statement. Yasir Al-Rumayyan is not only the Governor of PIF but also the chairman of Aramco, the biggest oil company in the world. 

🤝 An investment group led by the Public Investment Fund, and also comprising PCP Capital Partners and RB Sports & Media, has completed the acquisition of 100% of Newcastle United Limited and Newcastle United Football Club Limited from St. James Holdings Limited.

⚫️⚪️

— Newcastle United FC (@NUFC) October 7, 2021

"We are extremely proud to become the new owners of Newcastle United, one of the most famous clubs in English football. We thank the Newcastle fans for their tremendously loyal support over the years and we are excited to work together with them," said Yasir Al-Rumayyan. 

Amanda Staveley, Chief Executive Officer of PCP Capital Partners, said: "This is a long-term investment. We are excited about the future prospects for Newcastle United."

Club fans got excited after the announcement 

One fan is dressed as Saudi Prince Mohammed bin Salman #nufc pic.twitter.com/9Bv6yOinbB

— Bill Edgar (@BillEdgarnews) October 7, 2021

Broadcast Trouble? 

BeIN, a Qatar-based media house that has the right of broadcasting Premier League matches in Middle-East was banned in Saudi, four years ago. Their presence was causing a major hindrance in the completion of the PFI takeover of Newcastle United.

Now that Saudi Arabia owns a team in EPL, they want the Premier League to be broadcasted in KSA. "BeIN has been informed by the Kingdom of Saudi Arabia (KSA) that moves have been made to reverse the ban after four and a half years," a beIN Sports source told CNN.