The Premier League said it had settled legal disputes that had initially stalled the takeover process, and received “legally binding assurances” that the Saudi Arabian government will not effectively own the club.
The Premier League statement read: “The Premier League, Newcastle United Football Club and St James Holdings Limited have today settled the dispute over the takeover of the club by the consortium of PIF, PCP Capital Partners and RB Sports & Media.
“Following the completion of the Premier League’s owners’ and directors’ Test, the club has been sold to the consortium with immediate effect.
“The legal disputes concerned which entities would own and/or have the ability to control the club following the takeover.
“All parties have agreed the settlement is necessary to end the long uncertainty for fans over the club’s ownership.
“The Premier League has now received legally binding assurances that the Kingdom of Saudi Arabia will not control Newcastle United Football Club.
“All parties are pleased to have concluded this process which gives certainty and clarity to Newcastle United Football Club and their fans.”
Newcastle also released a statement, confirming that Yasir Al-Rumayyan, the governor of the Public Investment Fund (PIF) will act as the club’s non-executive chairman, while Amanda Staveley, chief executive of PCP Capital Partners, will have a seat on the board.
The statement added: “The Investment Group is comprised of long-term, patient investors who have every confidence in the future success of the Club.
“Today’s announcement is the conclusion of a thorough and detailed process that has allowed the Investment Group to arrive at a deal that benefits all stakeholders and will leave Newcastle United well-placed to pursue a clear, long-term strategy.”
The approval of the takeover means the end of Mike Ashley’s tenure as owner. The Sports Direct boss bought the Magpies in 2007, but has been criticised by supporters for a perceived failure to invest in the team.