Premier League club, Newcastle United, has been officially taken over by a Saudi-backed consortium for £300million.
UK Mirror reports that the Premier League sanctioned the takeover after the Public Investment Fund proved its distinction from the Saudi state, which held up a prospective takeover in 2020.
The PIF will own 80 per cent, with the billionaire Reuben brothers and financier Amanda Staveley taking 10 per cent each, according to UK Sun.
As a result, the consortium which passed the Premier League’s owners’ and directors’ test has taken over from former owner, Mike Ashley.
The deal appears to be a win-win for the club fans and Ashley who fell out of favour with the fans after accusing the Sports Direct owner of failing to adequately invest in the Magpies.
Ashley owned the northeast club for 14 years but the takeover by the PIF chaired by Saudi Crown Prince Mohammed Bin Salman has made them the club with the wealthiest owners in world football - worth a staggering £320BILLION - ahead of the likes of Manchester City and Paris Saint-Germain.
A resolution was reached earlier this week when Saudi Arabia settled an alleged piracy dispute with Qatar-based broadcaster beIN Sports, which own rights to show Premier League matches in the Middle East.
However, there are controversies surrounding the takeover due to allegations of human rights abuses against the Saudi state.
Amnesty International today urged the Premier League to 'overhaul their standards' regarding human rights.
Salma, on the other hand, was implicated in approving the 2018 murder of dissident journalist Jamal Khashoggi.
More to come…