Post a Free Blog

Submit A Press Release

Generic selectors
Exact matches only
Search in title
Search in content
Post Type Selectors
Filter by Categories
Action
Animation
ATP Tour (ATP)
Auto Racing
Baseball
Basketball
Boxing
Breaking News
Business
Business
Business Newsletter
Call of Duty (CALLOFDUTY)
Canadian Football League (CFL)
Car
Celebrity
Champions Tour (CHAMP)
Comedy
CONCACAF
Counter Strike Global Offensive (CSGO)
Crime
Dark Comedy
Defense of the Ancients (DOTA)
Documentary and Foreign
Drama
eSports
European Tour (EPGA)
Fashion
FIFA
FIFA Women’s World Cup (WWC)
FIFA World Cup (FIFA)
Fighting
Football
Formula 1 (F1)
Fortnite
Golf
Health
Hockey
Horror
IndyCar Series (INDY)
International Friendly (FRIENDLY)
Kids & Family
League of Legends (LOL)
LPGA
Madden
Major League Baseball (MLB)
Mixed Martial Arts (MMA)
MLS
Movie and Music
Movie Trailers
Music
Mystery
NASCAR Cup Series (NAS)
National Basketball Association (NBA)
National Football League (NFL)
National Hockey League (NHL)
National Women's Soccer (NWSL)
NBA Development League (NBAGL)
NBA2K
NCAA Baseball (NCAABBL)
NCAA Basketball (NCAAB)
NCAA Football (NCAAF)
NCAA Hockey (NCAAH)
Olympic Mens (OLYHKYM)
Other
Other Sports
Overwatch
PGA
Politics
Premier League (PREM)
Romance
Sci-Fi
Science
Soccer
Sports
Sports
Technology
Tennis
Thriller
Truck Series (TRUCK)
True Crime
Ultimate Fighting Championship (UFC)
US
Valorant
Western
Women’s National Basketball Association (WNBA)
Women’s NCAA Basketball (WNCAAB)
World
World Cup Qualifier (WORLDCUP)
WTA Tour (WTA)
Xfinity (XFT)
XFL
0
-- Advertisement --spot_img
HomeBusinessSaudi Arabia-led consortium takes over English Premier League club Newcastle United

Saudi Arabia-led consortium takes over English Premier League club Newcastle United

Add to Favorite
Added to Favorite



On Thursday, the English Premier League (EPL) announced that Newcastle United has been taken over by the Public Investment Fund (PIF), which is Saudi Arabia’s sovereign wealth fund headed by the Crown Prince Mohammed bin Salman. The deal has been under scrutiny due to piracy issues of sporting rights as well as human rights abuse issues by Saudi Arabia.

In a statement on Thursday, the Premier League stated that the Premier League, Newcastle United Football Club and St. James Holdings Limited had settled their dispute on Thursday on the matter of the takeover of the club by a consortium that consisted of PIF, PCP Capital Partners and RB Sports & Media.

Al Jazeera reported that the PIF had to assure the Premier League that Crown Prince Mohammed bin Salman of Saudi Arabia and the state would not take control of the running of the club, despite it being the major partner and financier. Other partners include the Reuben brothers of Britain and financier Amanda Staveley, who has been attempting to buy Newcastle United from the past four years.

Amnesty International said that PIF taking over the premier club was “sportswashing” of Saudi Arabia’s record of human rights. Jamal Khashoggi’s family and friends asked fans to boycott the club after the takeover. However, supporters filled the St. James’ Park Stadium with some of them even chanting “we are Saudis, we do what we want” or “we’ve got our club back,” according to a report by Associated Press.

Previous owner of Newcastle United British retail tycoon Mike Ashley had been hugely unpopular for his underinvestment and lack of ambition, despite having an over 50,000 regular home crowds attending games. He also used the club to promote his business interests rather than football, leading to the club’s decline.

Newcastle won the FA Cup in 1955, more than six decades ago. It won a league title in 1927, almost a century ago. The club and its fans are expecting huge investments from the Saudis, while Amnesty International says that it is an image build over and PR tactic by the Gulf nation.


Subscribe to get Latest News Updates

Latest News

You may like more
more

President elect Donald Trump posts on Florida visit by Microsoft cofounder Bill Gates, CWEB reports

President-elect Donald Trump recently posted on his social media...

LightPath Technologies’ Price Target Raised to $4, Shares Gain 15 percent

LightPath Technologies (NASDAQ:LPTH) shares rose more than 15% intra-day...

MakeMyTrip Target Raised to $130 Amid Steady Growth

BofA Securities analysts increased their price target for MakeMyTrip...