Newcastle United have confirmed the end of Mike Ashley’s ownership as the club is taken over by Yasir Al-Rumayyan and the Public Investment Fund.

In a statement, Rumayyan said: “We are extremely proud to become the new owners of Newcastle United, one of the most famous clubs in English football.”

He continued on to say: “We thank the Newcastle fans for their tremendously loyal support over the years and we are excited to work together with them.”

Photo credit should read CHRIS RATCLIFFE/AFP via Getty Images

How much did Mike Ashley pay for Newcastle United?

Mike Ashley bought Newcastle United in 2007, paying around £134 million for the club.

The businessman is founder and CEO of the U.K.’s largest sporting goods retailer Sports Direct and according to Forbes, his net worth is currently $3.2B.

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In 2021, Newcastle United was bought for £300 million by the Public Investment Fund, PCP Capital Partners, and RB Sports & Media.

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Yasir Al-Rumayyan takes over Newcastle United

Amanda Staveley, chief executive of PCP Capital, will take a seat on Newcastle’s board, and the governor of PIF Yasir Al-Rumayyan will act as the club’s non-executive chairman.

The £300m deal received Premier League approval almost 18 months after it was first proposed. After the deal was confirmed, the League said:

“The Premier League has now received legally binding assurances that the Kingdom of Saudi Arabia will not control Newcastle United. All parties are pleased to have concluded this process which gives certainty and clarity to Newcastle United Football Club and their fans.”

The Public Investment Fund is the third-largest sovereign fund in the Arab world, with assets worth $360 billion.

Yasir Al-Rumayyan is known as the governor of the Saudi Public Investment Fund (PIF) and as the Chairman of Saudi Aramco. According to Forbes Middle East, Saudi Aramco is the most valuable company in the world, and in 2020 was valued at $1.7 trillion.

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