It’s official! Mike Ashley is no longer the owner of Newcastle United.
A Premier League statement has emerged over the last few minutes, confirming the Saudi Public Investment Fund have bought the club, alongside PCP Capital Partners (Amanda Staveley) and RB Sports & Media (The Reuben Brothers).
The Saudi PIF now own 80% of the club, with Staveley and the Reubens having a 10% stake each.
Read the Premier League statement in full below:
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.
Mike Ashley’s miserable 14-year reign is over!
Drink it in folks. The day we never thought would come has finally arrived!