Saudi sovereign wealth fund completes takeover of Newcastle United

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Saudi Crown Prince Mohamed bin Salman is now the new de facto owner of Newcastle United Football Club.

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running news: Saudi Arabia’s Sovereign Wealth Fund completed the deal on Thursday after a delay of 18 months.

  • One obstacle was that, during the recent dispute with Qatar, Saudi Arabia was blocking the Qatar-owned broadcaster with rights to the English Premier League and pirating games on state TV.
  • With that resolution, the league also determined that the takeover would not put the Saudi state in control of the club – somewhat incomprehensible, given that MBS is the chairman of the fund.
  • The Saudis bought the club from Mike Ashley, a controversial figure himself (for the continued mediocrity of the club during his tenure and for the business practices of his sportswear company, not for killing any dissidents).

MBS is following other Gulf royals In the owner’s compartment.

  • The 2008 purchase of Manchester City by a member of the Abu Dhabi royal family and the 2011 takeover of Paris Saint-Germain by the Emir of Qatar both propelled the sport to the pinnacle and helped create a level of ultra-rich teams that Compete themselves for the most expensive players in the world (PSG recently signed Lionel Messi).
  • That is the club that Newcastle – a historic and long-suffering team from the north of England with a crazy fan base – is now joining.
  • If all goes according to plan, they will soon be near the bottom of the standings competing not only with miners like Norwich (owned by a TV chef), but their fellow petrodollar-powered powerhouses like league-leading Chelsea. With, the oligarch owned by the Russian Roman Abramovich.
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is it good for the league Or not, time will tell.

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