The Saudi-led takeover of Newcastle has been approved, the
Premier League has announced.
The Premier League said it had settled legal disputes that
had initially stalled the takeover process, and received “legally binding
assurances” that the Saudi Arabian government will not effectively own the
club.
The Premier League statement read: “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.”
Following the completion of the Premier League’s Owners’ and
Directors’ Test, the club has been sold to the consortium with immediate
effect.
Newcastle also released a statement, confirming that Yasir
Al-Rumayyan, the governor of the Public Investment Fund (PIF) will act as the
club’s non-executive chairman, while Amanda Staveley, chief executive of PCP
Capital Partners, will have a seat on the board.
The statement added: “The Investment Group is comprised of
long-term, patient investors who have every confidence in the future success of
the Club.
“Today’s announcement is the conclusion of a thorough and
detailed process that has allowed the Investment Group to arrive at a deal that
benefits all stakeholders and will leave Newcastle United well-placed to pursue
a clear, long-term strategy.”
The approval of the takeover means the end of Mike Ashley’s
tenure as owner. The Sports Direct boss bought the Magpies in 2007, but has
been criticised by supporters for a perceived failure to invest in the team.
The club’s new owners clearly intend for the days of
battling relegation to be numbered, with Staveley describing a “long-term
investment” in order to ensure the Magpies are “regularly competing for major
trophies and generat[ing] pride across the globe.”
The consortium, which also includes the Reuben Brothers and
PCP Capital Partners, walked away from the deal in July last year. That
followed a determination by the Premier League that the kingdom of Saudi Arabia
would be a director with control of the club, and therefore subject to its
owners’ and directors’ test (OADT).
That determination became the subject of arbitration between
the league and the club, and a hearing had been scheduled to begin on January 3
next year.
St James Holdings Ltd, which owns 100 per cent of the shares
in Newcastle, also lodged a separate competition law claim in May, alleging the
Premier League had abused a dominant position by failing to exercise its role
as a gatekeeper to new owners in a fair, objective and non-discriminatory way.
However, an agreement has now been reached after further
assurances were sought and obtained – which the Premier League maintain is
“legally binding” – that the Saudi state would not control Newcastle.
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