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Newcastle became Saudi-based and became the club with the largest capital in the world
A transaction that has been seen coming for days, but has not yet been made official until today, so it is already official, and the Premier League has announced it this Thursday. In this way, the English club Newcastle has been sold to a Saudi fund.
The Saudi Arabian Public Investment Fund has bought the club for a total of €353 million.
So now Newcastle has become the team with the largest capital in the world, something that has undoubtedly placed all its fans to celebrate.
At first the Premier League did not agree with its sale.
However, after a series of guarantees and establishing that the State of Saudi Arabia will not control Newcastle, the Premier decided to give the green light to this operation.
A very complicated negotiation, but with a happy ending
It was a negotiation with quite a few obstacles along the way, but which could be carried out after the Saudi fund was able to solve the problems of audiovisual rights that had terminated this sale negotiation a year and a half ago, therefore Now if the Premier could authorize this transaction.
In this way, the Public Investment Fund of Saudi Arabia had to give guarantees to the Premier League that its president, Mohammed bin Salman, and the State of Saudi Arabia will not be the ones who control the club. For what the English league considers PIF, the fund in charge of investing the money, as a separate entity.
After several years of negotiation attempts, the parties have finally reached an agreement, which is why they consider that the sale has been more than necessary to end the uncertainty that their followers have about the owners of the club.
In this case, the Premier managed to receive a legal confirmation that the State of Saudi Arabia will not control the club, which is why the sale has been authorized.
Public Investment Fund or PIF, for its acronym as it is also known, is the fund that will provide most of the 353 million euros in which the sale of Newcastle has been scheduled and who has a close relationship with Saudi Arabia, which has allowed them to have been able to do with an English league club and that now has all its fans celebrating.
After 14 years he leaves the club
Mike Ashley, owner of Newcastle until today, has been in charge of closing the sale of the institution, Ashley had been under the command of the team for 14 years, so now he will have to say goodbye so that his former team begins a new millionaire stage.
Now Newcastle becomes the richest club in the world, ranking well above PSG and Manchester City, since the fortune of its new owners is estimated to be around 320 billion euros, so in the next few years it is expected that there will be important hires within the English club.
After knowing the news of its sale, the NGO Amnesty International again expressed its concern about the transaction of the equipment, which will now pass into the hands of the Saudis, who have denounced the tragic situation of human rights in that country.
Despite the criticism generated, practically 95% of Newcastel fans are happy for its sale, since they all see this negotiation as a possibility of becoming the new Manchester City of the English League, especially when the current situation of the computer is quite disturbing.
Currently, Newcastle are second to last in the Premier League, adding so far only three points out of 21 possible points, which leaves clear evidence that the team's moment is not the best.
Many think that the current situation of the team has also favored its sale, so this time everything has gone successfully for the Saudi fund.
