News » Premier League news » Newcastle United news
The Premier League have confirmed the successful takeover of Newcastle United by a Saudi-based consortium.
The Magpies’ takeover was expected to happen last summer, but the Premier League had concerns that needed to be resolved.
The governing body had doubts whether the investment group were working independently without the influence of the Saudi state.
Elsewhere, the deal was also halted by BeIN Sports’ lawsuit against BeoutQ that was telecasting games illegally in Saudi.
Both concerns were resolved on Thursday evening.
The country agreed to close all pirated websites while also ending the four-year broadcasting ban on BeIN Sports.
The Premier League also received the assurance that the Saudi state won’t have any involvement in the club’s affairs.
It has now been officially confirmed that the Magpies have been sold to the consortium. They have 100 percent control.
The move ends the 14-year ownership of Mike Ashley. The deal should come as a huge sigh of relief for many Magpies fans.
There is the assurance of a major squad rebuild and it could start with a spending spree during the January transfer window.
Steve Bruce is likely to be sacked with the new owners expected to pursue an elite manager with the pedigree to lure big-name players.