Saudi sovereign wealth fund acquires Premier League club Newcastle United
2021-10-08 11:10:44Source: Xinhua News Agency
Xinhua News Agency, Riyadh, October 7 (Reporter Hu Guan Wang Haizhou) According to the Saudi Press Agency, the public investment fund of the Saudi Sovereign Wealth Fund announced on the evening of the 7th that the fund, PCP Capital and Ruben Brothers Sports Media Investment Group have completed their joint investment in Newcastle, UK. The purchase of 100% of the shares of the football club, the purchase amount reached 300 million pounds.
Saudi Sovereign Wealth Fund Public Investment Fund President Yasser Rumayyan will serve as the non-executive chairman of the Newcastle United Club, PCP Capital CEO Amanda Staveli will have a seat on the board of directors, Ruben Brothers Sports Media Jamie Ruben, head of the investment group, will serve as the club’s director. The Saudi Public Investment Fund will own 80% of the Newcastle United Club after the acquisition is completed, and the remaining 20% will be shared equally by the other two partners.
Rumayyan said: “We are very proud to be the new owner of Newcastle United, which is one of the most famous clubs in English football.”
Stavelli said: “Our ambition is the same as that of the fans. We hope to build a team that can continue to compete for the trophy and enjoy a global reputation.”
Ruben said: “Newcastle is a fantastic city and it is an honor to be a part of this club and its fans.”
The acquisition also means that the British billionaire Mike Ashley’s life as the boss of Newcastle has come to an end 14 years later. During his 14 years as the “master” of Newcastle, the “magpies” were relegated twice, but they returned to the Premier League in the following season. Their best result in the Premier League was fifth in the 2011-2012 season. This season, they started 7 rounds with 3 draws and 4 losses, temporarily ranking second from the bottom.
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