Premier League announce Saudi Arabia-backed takeover of Newcastle United

It was the day fans waited for.

Hundreds celebrated well into the night outside of St James' Park after it was announced their beloved club Newcastle United was entering a new era.

Saudi Arabia's Public Investment Fund (PIF) has become the new majority share stakeholder of Newcastle United in a deal thought to be worth around £300 million.

The state-backed consortium now owns 80% of the club, bringing Mike Ashley's 14-year ownership to an end.

  • Amanda Staveley, the woman who is the face of this new regime

The Premier League has given its approval to the deal after Saudi Arabia on Wednesday indicated it would lift its ban on the broadcaster beIN SPORTS - one of the major hurdles preventing the deal from taking place in July.

Fans, players and club legends are celebrating the news across social media.

Those directly involved in the deal have given their reactions in formal statements.

Premier League

"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 announced.

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

"The legal disputes concerned which entities would own and/or have the ability to control the club following the takeover. All parties have agreed the settlement is necessary to end the long uncertainty for fans over the club’s ownership.

Saudi Arabia's Public Investment Fund

PCP Capital Partners

"This is a long-term investment. We are excited about the future prospects for Newcastle United," said chief executive officer Amanda Staveley.

"We intend to instill 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.

RB Sports & Media

"We look forward to a great future for Newcastle United. Newcastle is a fantastic city, which is why our family has been investing heavily in the area for many years. To become part of this great Club and its amazing fans is a privilege," said Jamie Reuben of RB Sports & Media.