The 300-million-pound takeover by the Saudi Public Investment Fund initially collapsed last year over concerns about how much control the kingdom's leadership would have in the running of Newcastle.
The PIF will be the majority partner alongside wealthy British-based Reuben brothers and financier Amanda Staveley. The takeover ends the 14-year ownership by British retail tycoon Mike Ashley, who has been widely viewed as a figure of scorn in the one-club city, whose St. James' Park stadium is affectionately dubbed"the cathedral on the hill.''
A key impediment to the takeover was the piracy in Saudi Arabia of sports broadcasts by Qatari-owned beIN — including of Premier League games. Saudi Arabia declared beIN illegal in 2017 as the nation launched a wider economic and diplomatic boycott of Qatar alongside the United Arab Emirates and Bahrain over accusations Doha supports extremism. The tiny, super-rich nation of Qatar denied the charge.
The Premier League was among the sports organizations that protested against the pirating of its games by the Saudi-linked operation. That contributed to the world's richest soccer league being unable to approve a takeover of Newcastle last year by the PIF.
Saudi blood money. Hope the team gets even worse.
What's sports got to do with it
We are back! Let the New Era Commence! Canadian Mags are going to enjoy the ride I'm sure! NUFC
Tin pot dictator club ☠
Now Penaldo is going to end up in the Europa Conference League