A fund that is based in Saudi led by the Saudi Arabian sovereign wealth fund that is worth $320 billion finally finished Newcastle United acquisition. The process took over 18 months as both sides continues to go back on forth due to some pending due diligence.
A British billionaire Mike Ashely owned Newcastle united for 14 years, he paid around £134 million to buy the club in 2007. Today, October 7, 2021, Mike Ashley sold Newcastle to Saudi consortium fund led by Saudi Arabia for £300 million ($409 million).
The transaction comes with a guarantee that the Saudi Arabian government will Saudi kingdom guaranteeing “separation” and that it will not control the 128-year-old soccer club.
This means the Newcastle is now owned by the wealthiest of all football club owners in the world. As expected, the next transfer window will be different because Newcastle’s player buying power will increase significantly.
Alan Shearer, one of the team’s most beloved former players, tweeted on hearing the news: “Yesssssssss. We can dare to hope again.”
Newcastle’s official Twitter account posted a tweet that simply read, “Newcastle UNITED” with two heart emojis in the team’s colors.