MOHAMMAD BIN.SALMAN ON ACQUIRING NEW CASTLE FOOTBALL CLUB
Saudi Arabia’s Public Investment Fund (PIF), which has acquired a majority stake in Premier League football club Newcastle United, is chaired by Mohammed bin Salman, the son of the Saudi king and the man considered the de facto ruler of the country.
Saudi-led consortium replaces Ashley at Newcastle United helm
PIF has bought an 80% stake in Newcastle, whose $415m sale was confirmed on Thursday. Following the announcement of the takeover, by a consortium also including PCP Capital Partners and RB Sports & Media, fans flocked to the club’s St James Park Stadium to celebrate the departure of unpopular former owner Mike Ashley.
“Ashley is gone and [I] almost have to pinch myself,” Newcastle’s legendary former striker Alan Shearer wrote on Twitter, while the BBC quoted the player-turned-pundit as saying it was a “special day” for the Magpies’ fans. However, he also accepted that with the arrival of Saudi-led ownership come legitimate concerns about the country’s human-rights record.