Newcastle United has been sold to a consortium led by the Saudi Arabian Public Investment Fund.
They’ve purchased the club from Mike Ashley in a deal worth a reported €360m.
Concerns had been raised about alleged human rights abuses by Saudi Arabia, particulary by Amnesty International who had made a late plea to the Premier League to block the deal – but officials say they have assurances the Kingdom itself won’t be running the club.
The Premier League claim to be satisfied that there’s a separation between the Saudi royal family and the Public Investment Fund.
Newcastle’s Mike Ashley tenure has been filled with a lot of ups but mainly downs.
The renaming of St. James’ Park being one, but the relegations in 2009 and again in 2016 will live long in the memory as particular low points.
Of course, many Toon fans will look on in hope and dream of the same success experienced by both Chelsea and Manchester City after their buyouts in previous decades.
Newcastle Legend Alan Shearer seems to “Love It!”
Ashley’s tenure began in 2007 with the swagger of Ginola, Asprilla and Shearer long, long gone, but now, will that swagger return with heavy investment?
What does this mean for the supposed “top six”? Only time will tell.