Newcastle United’s takeover by Saudi Arabian-backed consortium agreed

The three-party consortium consists of the Saudi Arabian Public Investment Fund (PIF), enterprise capital and personal fairness firm PCP Capital Partners, and RB Sports and Media.

There has been a lot controversy concerning the PIF’s involvement within the takeover, however the consortium was apparently capable of efficiently exhibit that Saudi Arabia wouldn’t have management of the membership and will subsequently move the Premier League’s house owners’ and administrators’ take a look at.

“Following the completion of the Premier League’s Owners’ and Directors’ Test, the club has been sold to the consortium with immediate effect,” mentioned an announcement from the Premier League.

It added: “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.”

The PIF is a sovereign wealth fund chaired by Saudi Crown Prince Mohammed bin Salman.

Its involvement within the takeover of Newcastle has been a long-running saga in English soccer, throughout which era Saudi Arabia’s human rights document, together with the homicide of journalist Jamal Khashoggi, has come beneath scrutiny.

Long-term funding

The information has resonated amongst Newcastle supporters with a current survey displaying that 94% of the two,406 responses from members had been in favor of the takeover.
The membership’s earlier proprietor Mike Ashley is an unpopular determine with followers and has been criticized for his lack of funding within the membership.

Newcastle, one of many dominant groups within the Premier League within the years after the league’s inception, at present lies second from backside.

In gentle of the takeover, Amnesty International has urged the Premier League to alter its house owners’ and administrators’ take a look at “to address human rights issues.”

Amnesty International chief government, Sacha Deshmukh, mentioned: “Instead of allowing those implicated in serious human rights violations to walk into English football simply because they have deep pockets, we’ve urged the Premier League to change their owners’ and directors’ test to address human rights issues.”

The Premier League didn’t instantly reply to CNN’s request for remark concerning Amnesty’s criticism of the house owners’ and administrators’ take a look at.

In a press launch, Amanda Staveley, CEO of PCP Capital Partners, mentioned: “This is a long-term investment. We are excited about the future prospects for Newcastle United.

“We intend to instill a united philosophy throughout the membership, set up a transparent goal, and assist present management that may permit Newcastle United to go on to massive achievements over the long run.”

A stumbling block in the Newcastle takeover last year was a feud between Qatari-based media giant beIN Media Group, which owns exclusive rights to the Premier League in the Middle East and North Africa, and Saudi Arabia.

BeIN has been banned in Saudi Arabia, and the broadcaster beforehand wrote to the Premier League asking it to “absolutely examine” Saudi Arabia’s involvement in the “launch, promotion and operation” of alleged private streaming service beoutQ.

But Saudi Arabia will soon be lifting its ban on beIN Sports, according to a source with the Qatari broadcaster.

“BeIN has been knowledgeable by the Kingdom of Saudi Arabia (KSA) that strikes have been made to reverse the ban after 4 and a half years,” a beIN Sports source told CNN.

“The motive that’s important, is as a result of then the Premier League might be watched in Saudi Arabia, which now owns a Premier League membership.”

Saudi Arabia has persistently denied any connection to beoutQ, in response to PA. Last yr, the Saudi Arabian Football Federation wrote to main sports activities our bodies, in response to the BBC, and acknowledged it has a “duty” to assist battle broadcasting piracy.

CNN has reached out to Saudi Arabia for touch upon the lifting of the ban.

CNN’s Zeena Saifi and Hamdi Alkhshali contributed to reporting.


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