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Newcastle becomes world’s richest club as Saudi consortium complete £300m takeover bid

Newcastle United has become the richest team in world football following the completion of a Saudi Arabian-backed takeover of the English club.

The Premier League has approved the takeover after receiving “legally binding assurances” that the Saudi state would not control the club.

Instead the Public Investment Fund (PIF), which will provide 80% of funds for the £300m deal, is seen as separate to the state.

The sale went through after the deal passed the Premier League owners’ and directors’ test.

A Premier League statement said: “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.

“The legal disputes concerned which entities would own and/or have the ability to control the club following the takeover. All parties have agreed the settlement is necessary to end the long uncertainty for fans over the club’s ownership.

“The Premier League has now received legally binding assurances that the Kingdom of Saudi Arabia will not control Newcastle United Football Club.

“All parties are pleased to have concluded this process which gives certainty and clarity to Newcastle United Football Club and their fans.”

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