The operation would mean the transformation of the black and white team into the richest in the Premier League

Saudi Arabia completes Newcastle's purchase

photo_camera PHOTO/MANDEL NGAN vía REUTERS - Saudi Arabia's Crown Prince Mohammed bin Salman

Saudi Arabia is close to completing Newcastle FC's takeover, of one of the biggest names in British football, in order for it to become the strongest British club, ahead the all-powerful Manchester City, owned by the Zayed al-Nahyan family from the United Arab Emirates. Behind the operation concerning "The Magpies" is Saudi Arabian Crown Prince Mohammed bin Salman bin Abdulaziz al-Saud and the Saudi Arabian Public Investment Fund (PIF), with an investment of almost 350 million euros.  

It is expected that the purchase process by the Arab state fund will be completed in May, after the contacts developed in the last few days. This would mean a very important event in the islands' football, since Newcastle would most probably become the most powerful club in British football, thus attracting relevant players from the international scene and real benchmarks, who would be happy to land in Saint James' Park to be part of an ambitious new project that would seek to fight for the most important titles.  

However, the Saudi Arabian Public Investment Fund would not be the only owner; it would take over 80% of the club's shares and the rest would be in the hands of a Dubai investment fund controlled by British billionaire Amanda Staveley, with 10%, and the brothers David and Simon Reuben, with the other 10%.  

After completing the transaction, Yasir al-Rumayyan, the chairman of the Saudi Public Investment Fund (PiF), would be the main candidate to lead the institution, according to the Evening Chronicle. Al-Rumayyan would be accompanied on the board of directors by Amanda Staveley, who has also helped negotiate the purchase of Manchester City by Sheikh Mansour bin Zayed al-Nahyan, a member of the ruling family of the emirate of Abu Dhabi, in the past.  

Mike Ashley, Sports Direct's CEO, is the current owner of Newcastle and the next seller. Sports Direct International PLC is today the UK's largest sporting goods retailer, with a network of 800 stores. His successful position as a businessman enabled him to become president of Newcastle in 2007, with the intention of restoring the old laurels of a legendary English football club that is going through a drought of titles, far from past times when it won tournaments against other classics such as Liverpool FC or Manchester United FC. 

Newcastle Magpies has a great history and popularity because of the large number of fans it has, most of whom are waiting for the Arab economic injection to be able to compete again and play until the end. Newcastle have won four league titles (now known as the Premier League), with the most recent one dating back to the 1926-1927 season (runners-up in 1995-1996 and 1996-1997), and four cups, most recently in 1954-1955. 

The northern English club was recently relegated from the top flight but returned to the elite again in 2017, most recently under Mike Ashley's leadership, who tried to bring Newcastle back into the top flight without success (they were relegated twice to the Second Division, known as the Championship) and is now handing over the baton to the Saudi owners to redirect the club's institutional and sporting direction and include it in the footballing elite. This comes just after the Saudi kingdom had also attempted to buy another club, Manchester United, last year.  
 

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