A Saudi Arabian-led consortium has taken over at Newcastle United, ending Mike Ashley’s 14-year ownership of the club
Crucial to the takeover’s approval was the Saudi Public Investment Fund – the state’s sovereign wealth fund overseen by Crown Prince Mohammed bin Salman – providing assurances to the Premier League that the Saudi state would not be involved in the day-to-day running of Newcastle. That had been a significant stumbling block when the deal hit the rocks in July last year, with the Premier League considering the PIF de facto the Saudi state when it came to passing its owners’ and directors’ test.
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