Newcastle will now be one of the richest teams in the world

Newcastle fans suffered after winning the Intertoto Cup, “the most expendable cup in history”, in 2004, as the fans had to se...

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Newcastle fans suffered after winning the Intertoto Cup, “the most expendable cup in history”, in 2004, as the fans had to settle for a team that fought not to be relegated every year, and that even failed in two opportunities.

To make matters worse, they had to see how their club was sold to Mike Ahsley, a businessman who in a short time tried to put the colors of his company on their uniform and promised investments that never came. That is why it is not odd for them to celebrate the arrival of the Arabs as owners of the team.

WILL BONANZA TIMES BE SOLD FOR THE NEWCASTLE?

Newcastle
The Newcastle team has only had bad news for their fans. Photo EFE.

Now, 17 years after their last great joy, fans of “magpies” gathered around St. James Park to celebrate. And no wonder: Newcastle have just become the richest football club in the world.

The announcement was made to wait, since the agreement had been closed in January, but the legal delays meant that it could only be officially finalized three months before the end of the year and with the team in the third-to-last position of the table.

SAUDI ENTITY BUT NOT THE GOVERNMENT IS THE NEW OWNER OF THE ENGLISH CLUB

Newcastle
The Arabs were present at the celebration. Photo: Twitter

The buyer is an investment group led by the Public Investment Fund, which also includes PCP Capital Partners and RB Sports & Media (the “Investment Group”). And like Paris Saint Germain, until yesterday the richest club, behind those names is a very powerful figure with ties to an oil country.

The new unofficial owner of Newcastle will be the Crown Prince of Saudi Arabia Mohammed bin Salman, who runs the Public Investment Fund and disbursed 300 million euros to keep “the magpies.”

PREMIER LEAGUE HAD STOPPED THE OPERATION MONTHS BEFORE DUE TO PROBLEMS WITH THE TV

Newcastle
Problems with television stations would have slowed down Newcastle’s agreement with the Saudi entity. Photo: Special

The doubts of the Premier League and the regulators went through the figure of bin Salman, since they feared that Newcastle belongs to a country. However, the fund guaranteed that it is a separate entity from the Saudi government, so the Arab administration will have no influence on the institution.

The operation had been stopped short by the Premier League in April 2020, due to the piracy suffered in Saudi Arabia by the teleoperator beIN Sports, in possession of the television rights in the country. This had led to a trial that was stalled, but was resolved within the past two days.

The post Newcastle will now be one of the richest teams in the world appeared first on Hispanic World.

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