Newcastle United football fans celebrated the acquisition deal transferring ownership of the team from British retail magnate Mike Ashley to an investment group led by the Saudi Arabian Public Investment Fund (PIF) on Thursday, October 7.
Ashley, who had been at the team’s helm for 14 years, fell out of favor amongst fans who felt he did not invest enough into the team. He was blamed for years of mediocre play, and some Newcastle fans felt that he did “not connect with the city,” reports said.
The deal transferred 100 percent of Newcastle United Limited and Newcastle United Football Club Limited from St James Holdings Limited, the team said.
The consortium, led by the PIF, also comprised of PCP Capital Partners, and RB Sports and Media. Credit: Dan McMahon via Storyful