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 statement from Yasir Al-Rumayyan, the governor of PIF who will become non-executive chairman of Newcastle United, said the deal would mean long-term investment to “harness the club’s potential and build upon the club’s legacy.
“We are extremely proud to become the new owners of Newcastle United, one of the most famous clubs in English football,” he said.