A Saudi-Arabian backed consortium completed its purchase of Premier League club Newcastle United on Thursday as a long-running takeover saga finally reached the conclusion the majority of the club's supporters desired.
Fourteen months after Saudi Arabia's Public Investment Fund withdrew a 305 million pounds bid to buy the north-east club from owner Mike Ashley following the Premier League's failure to give regulatory approval, a deal was announced after a day of mounting excitement on Tyneside.
"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," he said. "This is a long-term investment," Staveley said in a statement. "Our ambition is aligned with the fans - to create a consistently successful team that's regularly competing for major trophies and generates pride across the globe.
The fate of Newcastle coach Steve Bruce will be high on the agenda of the new owners, who are keen to invest in the club. PIF -- Saudi Arabia's $430 billion sovereign wealth fund -- is at the centre of plans to transform the economy by creating new sectors and diversifying revenues away from oil. Newcastle become the 14th current Premier League club to have majority foreign owners and fans hope it heralds a new era like that at Manchester City who have dominated English football since being bought by Abu Dhabi's Sheikh Mansour in 2008.
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