Newcastle United bought by Saudi sovereign fund

October 8, 2021
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Saudi Arabia’s sovereign wealth fund completed a buyout of Premier League club Newcastle on Thursday, giving hope to fans dreaming of a first title in almost a century but concerning human rights activists that the kingdom had gained a foothold in the world’s richest soccer league.

Supporters descended on the club’s St. James’ Park stadium, some chanting “we are Saudis, we do what we want” and others singing “we’ve got our club back” amid the promise of long-desired investment.

The 300-million-pound ($409 million) takeover had been pursued since 2017 but stalled and then collapsed last year over concerns about how much control the Saudi state would have in the running of Newcastle amid scrutiny over piracy of sports broadcasts and human rights violations in the kingdom.

It led to a protracted legal fight that only ended this week when the Public Investment Fund offered assurances to the Premier League that Saudi Crown Prince Mohammed bin Salman, and in turn the state, would not have any say in the team.