Amanda Staveley sends message to Newcastle fans following completed takeover

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The £300million takeover of Premier League outfit Newcastle United has officially been completed.

The Magpies have been taken over by a Saudi-led consortium, bringing Mike Ashley’s 14-year ownership of the club to an end.

All requisite approvals have been obtained from the Premier League and the acquisition was completed on Thursday, Newcastle said in a statement.

The Premier League also confirmed the takeover in a statement on Thursday.

They said they had received “legally binding assurances” that the Kingdom of Saudi Arabia will not control Newcastle.

The takeover sees Saudi Arabia’s Public Investment Fund (PIF) take a controlling 80 percent stake in the club.

The purchasing consortium is led by Amanda Staveley, Chief Executive Officer of PCP Capital Partners.

Staveley said on the club website: “This is a long-term investment. We are excited about the future prospects for Newcastle United.

“We intend to instill a united philosophy across the Club, establish a clear purpose, and help provide leadership that will allow Newcastle United to go on to big achievements over the long term.

“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 takeover has come after Saudi Arabia resolved an issue with BeIN Sports regarding piracy and broadcasting, which had lasted four-and-a-half years.