Saudi-led consortium completes Newcastle takeover

The English Premiere League's Newcastle United has been acquired by Saudi Arabia's multi-billion dollar sovereign wealth fund.

Fans welcomed the announcement on Thursday outside the club's home stadium St James Park.

The long-running takeover saga brought an end to owner Mike Ashley's deeply-unpopular reign over what most saw as a lack of investment in Newcastle.

The deal was said to be worth £305 million pounds, or about $415 million dollars.

Now owned by the Saudi-led consortium, Newcastle will become one of the world's richest clubs.

Saudi Arabia has increasingly sought high-profile sports assets, venturing into Formula One racing and heavyweight boxing.

Human rights groups however have remained wary, condemning what they call Riyadh's efforts to distract from its human rights record.

Saudi Arabia's government has denied allegations of human rights abuses, saying it is protecting national security from extremists.

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