A Saudi-backed consortium has completed its £305million takeover of Newcastle United.
The Premier League has approved the takeover after receiving "legally binding assurances" that the Saudi state would not control the club.
The Public Investment Fund (PIF), which will provide 80% of funds for the deal, is seen as separate to the state, despite the Crown Prince of Saudi Arabia, Mohammed bin Salman, being listed as chair of PIF.
The takeover ends Mike Ashley's 14-year spell as Newcastle United owner.
A deal was initially agreed in April 2020, but the consortium pulled out four months later when the Premier League offered arbitration to settle a disagreement on who would control the club.
It is reported that a resolution came after Saudi Arabia settled a piracy dispute with Qatar-based broadcaster beIN Sports, which own rights to show Premier League matches in the Middle East.
The Premier League have released an official statement confirming that the takeover has been completed, which reads: "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 Premier League has now received legally binding assurances that the Kingdom of Saudi Arabia will not control Newcastle United Football Club."
Newcastle also confirmed the takeover on their website.
A club statement read: "An investment group led by the Public Investment Fund (PIF), and also comprising PCP Capital Partners and RB Sports & Media (the "Investment Group"), has completed the acquisition of 100% of Newcastle United Limited and Newcastle United Football Club Limited ("Newcastle United" or the "Club") from St. James Holdings Limited.
"All requisite approvals have been obtained from the English Premier League and the acquisition was completed on 7 October 2021.
"The Investment Group is comprised of long-term, patient investors who have every confidence in the future success of the Club. Today's announcement is the conclusion of a thorough and detailed process that has allowed the Investment Group to arrive at a deal that benefits all stakeholders and will leave Newcastle United well-placed to pursue a clear, long-term strategy.
"His Excellency Yasir Al-Rumayyan, Governor of PIF, will serve as Non-Executive Chairman of Newcastle United. Amanda Staveley, chief executive of PCP Capital Partners, will have one seat on the board. Jamie Reuben will also be a director of the Club, representing RB Sports & Media.
"For PIF, one of the world's most impactful investors, the acquisition is in line with its strategy of focusing on key sectors including Sports and Entertainment, and aligns with PIF's mission to actively invest over the long term – in this case, to harness the Club's potential and build upon the Club's legacy."
Need a VPN? Or seeking to switch? Then support Tribal Football by clicking here to sign up with our official partners NordVPN. Not only will you receive the best VPN experience, but also great discounts by signing up via Tribal Football. Thanks for your support!