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Thursday, October 7, 2021

Newcastle United officially the richest club after Saudi Arabian-backed takeover

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A Saudi Arabian-backed takeover of Newcastle United has been completed.

The Premier League has approved the takeover after receiving “legally binding assurances” that the Saudi state would not control the club.

Instead the Public Investment Fund (PIF), which will provide 80% of funds for the £300m deal, is seen as separate to the state.

The sale went through after the deal passed the Premier League owners’ and directors’ test.

A Premier League statement said: “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 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.

“The Premier League has now received legally binding assurances that the Kingdom of Saudi Arabia will not control Newcastle United Football Club.

“All parties are pleased to have concluded this process which gives certainty and clarity to Newcastle United Football Club and their fans.”

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The South African entertainment industry has been blessed with unmatched talents that drive local music into the international limelight. Of late, entertainers have managed to grace international stages and have often rubbed shoulders with the world’s best. We can all agree that DJ Tira and Master KG have not been spared from this rod of luck. In the wake of their newfound fame, many questions have been asked about who is richer betweenLearn more

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