Saudi Prince buys for 340 million pounds club of the English Premier League

Принц Саудовской Аравии покупает за 340 млн фунтов клуб Английской Премьер-Лиги

An international consortium (PIF), which owns a large part of the wealth Fund of Saudi Arabia is ready to buy, “Newcastle United” for 340 million pounds, reports The Telegraph.

In this case, the Fund will own 80% of the club.

The remaining 20% will be divided in equal shares, one of the largest British investors Reuben Brothers, as well as the financier Amanda Staveley, also included in the PIF.

Принц Саудовской Аравии покупает за 340 млн фунтов клуб Английской Премьер-Лиги

Amanda Staveley

It is expected that the new club Chairman will be the representative of the crown Prince of Saudi Arabia Prince Mohammad bin Salman, who heads the Foundation.

Принц Саудовской Аравии покупает за 340 млн фунтов клуб Английской Премьер-Лиги

Mohammed bin Salman

In turn, Staveley head the administration of the club.

Note that the current owner of Newcastle Mike Ashley put the club on sale in 2017.

Принц Саудовской Аравии покупает за 340 млн фунтов клуб Английской Премьер-Лиги

Mike Ashley

The parties want to notify about the deal the English Premier League this week, the newspaper notes.

The international group plans to invest in the project “Zebra”, named for the black-and-white stripes of Newcastle, 200 million pounds during the first two years of ownership, upgrade training facilities and a children’s Academy.

Newcastle is currently on the 14th place in the tournament table of the Premier League, having scored 30 points.