Premier League has released a statement confirming the takeover of Newcastle United from the Kingdom of Saudi Arabia.
In the statement, Premier League confirmed that both Newcastle United Football club and St. James Holdings Limited have settled the dispute of takeover by the consortium of PIF, PCP Capital Partners and RB Sports and Media.
The agreement which takes effect immediately will see the consortium have the ability to control activities at the football club. The agreement has also been termed necessary to end the uncertainty among fans.
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Premier League also confirms receiving legal binding assurance that the ownership of the club has been transferred from the Kingdom of Saudi Arabia.
Speaking after the news was the Chief Executive Officer of PCP Capital Partners Staveley who termed the takeover means big achievements and an ambition much awaited by fans.
“This is a long-term investment for big achievements. Our ambition is aligned with the fans – to create a consistently successful team that’s regularly competing for major trophies” Said Staveley