Saudi-led consortium clinches Newcastle United takeover
Arabnewsksa08 Oct, 2021News
DUBAI: A consortium led by Saudi Arabia?s sovereign wealth fund, the Public Investment Fund (PIF), has clinched a deal to buy Newcastle United, the English football club. After 18 months of on-off negotiations, the PIF, along with British financial entrepreneur Amanda Staveley and billionaire investors the Reuben brothers, finally sealed a ?300 million ($410 million) deal with Mike Ashley, the club?s owner. Lawyers and other advisers worked through the night and all day Thursday to finalize the transaction after a change of heart by the English football authority, the Premier League, allowed the acquisition to proceed.
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