Newcastle United sold for £300m

Newcastle United, one of the English Premier League teams, changed hands for a record price.

Newcastle United was sold to a Saudi Arabian-backed consortium for £300m (approximately €350m), thus ending the 14-year term of Mike Ashley.

This change, which has been on the agenda for a long time, has become official as a result of the approvals from the club and the Premier League.

With this investment, Newcastle United is expected to change the balance of power in the Premier League in the future.

The Premier League used the following statements in its statement: “The Premier League, Newcastle United Football Club and St James Holding Limited; have agreed to sell the club to a consortium supported by PIF, PCP Capital Partners and RB Sports & Media.”

“With the completion of the process, the sale of the club to the consortium has been completed.”

“The Premier League has received legally binding assurances that the Kingdom of Saudi Arabia will not control Newcastle United Football Club.”