A new dawn for Newcastle as Saudi consortium complete takeover
The Premier League, right from time past, has been imbued with a unique aura that attracts investors and fans all over the world. England is a nation that cherishes football and most of the countries in the world are always envious and ready to cut from their football organization, aestheticism, publicity, and methods.
There are numerous foreign investors and owners in the Premier League. Some of whom are well known to football followers.
The notable ones are that of Manchester United, famously owned by the Glazer family, Arsenal with Stan Kroenke at the helm, Liverpool have John Henry, as owner, Chelsea have their sugar daddy in Russian mogul named Roman Abramovic, Manchester City led by Mansour bin Zayed Al Nahyan.
The latter also owns/co-owns other big clubs across the globe (New York City, Melbourne City, Yokohama F. Marino, Montevideo City, Torque, Girona FC, Sichuan Jiuniu, Mumbai City FC, Lommel SK & Esperance Sportive, and Troyes).
Fulham, Aston Villa, and Crystal Palace also have Americans as owners. There are notable owners from Egypt, Italy, China, Saudi Arabia. and Thailand in the cosmopolitan but the recent one that wowed the majority of football lovers, observers, and pundits was the newly acquired football club, Newcastle United.
The Magpies have been taken over by another money bag called Saudi consortium, the Premier League announced 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,” the Premier League said.
The consortium incorporates the kingdom’s humongous sovereign wealth of $430 billion PIF and it is presided by Saudi crown prince Mohammed bin Salman, with the purchase centered on plans to transform and bloom its economy and to diversify revenues away from oil.
In April 2020, there was a bid to buy Newcastle from British businessman Mike Ashley by an investment group which includes PCP Capital Partners and Reuben Brothers.
They had previously made public a 305million pounds ($415.07 million offer but the deal hit the rock in July 2020 due to brewing scrutiny from the Premier League of alleged broadcast piracy in Saudi Arabia.
This growing pressure stopped the sale from happening. The piracy quagmire involved Qatari-owned beIN Sports, the media is Premier League’s broadcast rights holder throughout the entire Middle Eastern countries, which had been restricted from operating in Saudi Arabia.
However, the rift has been settled and Saudi Arabia lifted the ban on Wednesday, clearing a major stumbling block to the Newcastle deal. The takeover is all done and dusted, the announcement was made by 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 has now received legally binding assurances that the Kingdom of Saudi Arabia will control Newcastle United Football Club”.
Newcastle, with Saudi public investments fund (PIF), are now the financially strongest club in the United Kingdom with the humongous 320 billion fortune which is almost 11 times higher than Sheikh Mansour of Manchester City.
After a turbulent 14-year experience under the owner of Mike Ashley, The Magpies fans can be finally set to taste and experience a new dawn.
During the time of Mike as owner, Newcastle had relegated twice, the first was in 09/10 and the second was in 16/17.
With the revolution happening at Saint James’ Park, the club in few years would stand tall with other top clubs in the Premier League. The spending culture will change, the sense of purpose to contend with top clubs in the land like Chelsea, Manchester City, Liverpool, and Manchester United for the available trophies will be a focal point for the new owner.
Newcastle haven’t recorded any significant trophy in decades. Without any iota of doubt, the Magpies would be a force to reckon with sooner than later and their trophy drought will soon be behind them.