The Newcastle takeover is complete. It’s official. Mike Ashley’s time at St James’ Park is over. 18 months after a deal was agreed, the Saudi-backed takeover is confirmed.
The consortium have finally closed the deal, taking complete control of the club. 10% will be owned by Amanda Staveley’s PCP group, 10% by the Reuben Brothers, while the remaining 80% will go to the Saudi Arabian Public Investment Fund.
It’s been a long, drawn-out saga, but finally it’s done. The Premier League have signed the deal off. Ashley is gone from St James’ Park.
While the new owners have a lot of big questions to answer, this is a time for celebration for Newcastle fans.
We’ve dreamed of a club without Ashley for years. We’ve experienced low after low under his ownership, with no end in sight.
But a light at the end of the tunnel emerged in the shape of Amanda Staveley, who returned after failing to buy the club in 2018.
The big investors are PIF, who in turn bring the biggest problems. Had it not been for their involvement, this deal would have gone through a long time ago. However, it might not have been possible at all without their finances.
When the deal was agreed in April 2020, it looked like nothing could stop Newcastle. Then issues emerged – mainly the piracy problem involving BeIN Sport.
We’ve had two legal challenges launched by Ashley, but they are no longer necessary.
There are still big questions that need to be asked of Newcastle’s new owners, mainly to do with human rights in Saudi Arabia.
However, those issues are for the owners to address, not the fans.
What will the future bring? Who knows, but finally the fans can believe again. This is a new dawn for Newcastle fans. A chance to dream. A chance to succeed. Hope restored to a fallen club.
If you listen closely, you’ll be able to hear the sound of cans cracking open up and down the land.
Two takeover figure, Mehrdad Ghodoussi and Jamie Reuben have given an immediate reaction on Twitter. The Public Investment Fund have also commented on the takeover completion.