The league announced in a statement yesterday that they had been given assurances over the takeover
The Premier League are yet to reveal what assurances they were given that Saudi Arabia will not be involved in the running of Newcastle United following yesterday’s takeover.
The Saudi-backed consortium, led by Amanda Staveley, completed a £300 million deal on Thursday, replacing Mike Ashley at St James’ Park with immediate effect.
Saudi’s Public Investment Fund [PIF] are the majority shareholders at the club with an 80% stake. However, before the takeover could be ratified, the league wanted assurances that the Kingdom of Saudi Arabia would have no control of the club.
An official statement on the Premier League website 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.
“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.
“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.”
Despite stating that they had received assurances, the league are yet to make those assurances public, with their statement making the assertion despite the fact that the crown prince, Mohammed bin-Salman, remains listed as the chairman of PIF on their website.
PIF’s acquisition of the club has seen wide-spread opposition, with Amnesty International one of those in disagreement, questioning how the league could allow a Saudi-ownership of a top-flight club given the state’s “appalling human rights record”.
The Saudi-led consortium are also yet to release the assurances they provided to the Premier League to ensure they passed the Owners’ and Directors’ test.
Related links:
- Newcastle has sold its name and reputation to a brutal government with a brutal ruler, says human rights group
- Premier League confirm Saudi-backed takeover of Newcastle United
- Amnesty calls on Premier League to reconsider Saudi-led Newcastle takeover
