The Newcastle United Takeover by Saudi-led Consortium

The Newcastle United has finally been taken over by a Saudi-led consortium, bringing an end to the 14-year controversial ownership of Mike Ashley. Recently, a deal worth $408 million (£300 million) was concluded in which around 80% stakes of the English club are under the control of Saudi Arabia's Public Investment Fund (PIF).

The involvement of PIF means Magpies will serve no more than a sports washing project for the Saudi Arabian regime. This news was confirmed by Premier League in a statement, “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.”

“Following the completion of the Premier League’s Owners and Directors Test, the club has been sold to the consortium with immediate effect. 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.”

With this takeover, Newcastle will, in financial terms, find themselves in a different ball park to almost any other club in Europe. The fans are quite relieved and have backed the change of ownership. The news of this deal has entirely united the fans as they have been quite desperate to see Newcastle rise up the table in the Premier League.

Magpies haven’t won the top division since 1927 nor any major honours since 1969. Although, they had been competing in the upper reaches of the Premier League under the likes of Kevin Keegan and Sir Bobby Robson, with the takeover of Mike Ashley the team had failed to show ambition for anything beyond staying in the Premier League.

As per the latest reports, Newcastle United is still expected to be involved in a Premier League relegation battle despite the takeover. So far, Magpies have been struggling in this season of Premier League and are positioned at 19th in the table. The most recent update predicts that Magpies will narrowly escape the grips of the bottom three at the end of the season.

Whatever the result be, one thing is for sure, things are going to turn around soon with this new takeover of Newcastle United. So, if you are planning to bet on Magpies in this Premier League season and make money, you must try out the bonuses offered by Betting Best Odds.

Betting BestOdds offers betting bonuses for a variety of betting sites including Paddy Power, Betway, Bet365, Coral Bet, William Hill, 888 Bet, and many more. Their website only shows the best enhanced bets, with the most lucrative odds. Enjoy your ultimate gambling experience now with Betting Best Odds.

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