Newcastle United have been officially converted into the richest club in the world after the Saudi Public Investment Fund (PIF) ended Mike Ashley’s 14-year ownership by purchasing the Premier League club.
PIF will provide the large part of the 300 million pound takeover sum to convert Newcastle into the financially strongest club in England, as the fund’s 320 billion euro fortune is almost 11 times more than Manchester City’s Sheikh Mansour.
Yasir Al-Rumayyan will be the club’s executive president, with this takeover having the backing of Newcastle fans, who took to the streets to celebrate Ashley’s departure.
A year ago, the Premier League didn’t approve the purchase of Newcastle by PIF due to the altercation between Saudi Arabia and beIN Sports, which owns the TV rights to the competition in the country, as the channel claimed that the country was behind a pirate broadcast that was illegally transmitting games for years.
However, the Premier League received legally binding guarantees that Saudi Arabia will not be involved in the management of the club and gave the green light for the takeover to take place.