Saudi Arabian-backed consortium complete £300m takeover of Newcastle United

A Saudi-backed consortium has completed a £300million takeover of Newcastle United after approval from the Premier League.

The Public Investment Fund (PIF) has proven it’s distinction from the Saudi state, which held up a prospective takeover in 2020.

The consortium have therefore passed the Premier League’s owners’ and directors’ test and their acquisition brings Mike Ashley’s 14-year stint in the north-east to an end.

A resolution was reached earlier this week when 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.

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Newcastle fans have been desperate to see the back of Ashley, after accusing the Sports Direct owner of failing to adequately invest in the Magpies.

However, the takeover is not without controversy, with the Saudi Arabian state accused of human rights abuses.