Premier League approves £300m Saudi-backed Newcastle takeover

A Saudi Arabian-backed takeover of Newcastle United has been completed on Thursday, after the Premier League approved the £300m deal.

The deal to buy Newcastle has been fraught with controversy and obstacles since four years ago.

However, the new development brings to an end the 14-year ownership spell of Mike Ashley at the club.

The English toplight approved the takeover after sale went through after the deal passed the Premier League owners’ and directors’ test.

It is understood that the Saudi State would not control the club, instead the Public Investment Fund (PIF), which will provide 80% of funds for the £300m deal, is seen as a separate entity.

“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”, the statement partly read.

It was gathered that a resolution came after Saudi Arabia settled an alleged piracy dispute with Qatar-based broadcaster, beIN Sports, which own rights to show Premier League matches in the Middle-East.

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