Saudi sovereign fund buys Premier League club Newcastle

English Premier League club Newcastle was sold to Saudi Arabia’s sovereign wealth fund on Thursday.

“We are extremely proud to become the new owners of Newcastle United, one of the most famous clubs in English football,” PIF governor Yasir Al-Rumayyan said.

“We thank the Newcastle fans for their tremendously loyal support over the years and we are excited to work together with them.”

The PIF will be the majority partner alongside wealthy British-based Reuben brothers and financier Amanda Staveley.

The Premier League said “the club has been sold to the consortium with immediate effect” following the completion of its owners’ and directors’ test.