Premier League reveal why they finally approved Newcastle United takeover

Saudi Arabia’s Public Investment Fund have taken over the club along with financier Amanda Staveley and investors David and Simon Reuben.

The deal, which was originally agreed early last year, has netted former owner Mike Ashley £300million. It was finally completed today after Saudi Arabia lifted its ban on Qatari broadcaster beIN Sports, which owns the Premier League rights for the Middle East North Africa Region.

A Premier League statement read: “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.”

Newcastle are 19th in the Premier League with three points from seven games. Head coach Steve Bruce is under intense pressure following a winless start to the season.