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.
Video shared to Twitter by Caroline Pearce shows a group congregating outside St James’ Park in Newcastle on Thursday following the announcement of the deal’s finalization.
“There is a lot of singing in Newcastle today, and throwing cauliflower in the air … I do not understand the cultural references in this huge piece of immersive theatre … but I shall do my research,” Pearce wrote on Twitter. She later wrote, “I don’t think I’ve ever seen such happy people in my life.”
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.
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. Credit: Caroline Pearce via Storyful