The End Of Mike Ashley’s 14-Year Reign, Saudi-Led Consortium Officially Takes Over Newcastle

Written By Jacobs Dunga

The much anticipated takeover of English Premier League side, Newcastle United has been completed by PIF, a Saudi led consortium.

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Mike Ashley bought Sir John Hall’s 41.6% stake in the club on May 23rd 2007 and by July of the same year he had assumed full ownership of the club after having bought chairman Freddie Shepherd’s 28% stake the previous month.

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Fourteen years on from lots of failed promises and ambitions, the British billionaire after series of protests from club fans due to poor management and administration of the club has finally sold to the Saudi led consortium in a £300m deal.

The possibility of the deal was resuscitated this week following the announcement of the Saudi state to have come to a resolve on diplomatic disputes involving beIN the broadcasters of the premier league in the Middle East.

Newcastle United, under the ownership of Ashley endured one of the most horrible periods in the club’s history and are extremely happy to have had the takeover completed.

Amanda Staveley, chief executive officer of PCP Capital Partners, said after the announcement: “This is a long-term investment. We are excited about the future prospects for Newcastle United.

“We intend to instil a united philosophy across the Club, establish a clear purpose, and help provide leadership that will allow Newcastle United to go on to big achievements over the long term.

“Our ambition is aligned with the fans – to create a consistently successful team that’s regularly competing for major trophies and generates pride across the globe.”

The new owners have thereby released a statement of their own following the confirmation of the deal. Commenting on the agreement, His Excellency Yasir Al-Rumayyan, Governor of PIF, said: “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.”

A statement released by the premier league read: “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.

“Following the completion of the Premier League’s Owners’ and Directors’ Test, the club has been sold to the consortium with immediate effect.”

Meanwhile…

The PIF face an uphill task to revive Newcastle United but first off they have to try to keep the magpies in the premier league as they currently sit 19th on the twenty team table.

Newcastle are yet without a win in this season’s premier league with seven rounds of matches completed going down 1-2 to Wolverhampton wanderers the last time out.

It is to be seen whether the new owners will immediately replace manager Steve Bruce or allow the manager the chance to turn things around at St Jame’s Park.

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