Official: Newcastle United completes takeover deal with Saudi-led

Newcastle takeover as fans celebrate outside St James’ Park as a new dawn rises over the Magpies after the Saudi Arabian consortium finally complete their £305m takeover

With the new deal through New Castle United would be able to strengthen their squad by spending more on big star players for the next three years, without breaching Financial Fair Play rules, the Magpies are set to become one of the richest clubs in football history. A saga that dragged on for 18 months and saw the club in legal disputes with the Premier League has finally been resolved and the group, led by Amanda Staveley, has brought to an end Mike Ashley’s 14-year ownership of Newcastle. The news arrives after Saudi Arabia indicated on Wednesday it would lift its ban on broadcaster beIN SPORTS. beIN, a Qatari network, has been unable to broadcast in Saudi Arabia for the last four and a half years as part of a diplomatic dispute between the two nations.

Amanda Staveley, who is now on the Newcastle board, said as per the official statement, “This is a long-term investment. We intend to instill a united philosophy across the Club, establish a clear purpose, and help provide leadership that will allow Newcastle United to go on to big achievements over the long term.”

Newcastle’s new non-executive chairman said as the statement released by Newcastle United, “We are extremely proud to become the new owners of Newcastle United, one of the most famous clubs in English football. We thank the Newcastle fans for their tremendously loyal support over the years and we are excited to work together with them.”

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