Saudi Wealth Fund Buys Newcastle United After League Backing
- Amanda Staveley and Jamie Reuben to join soccer club’s board
- PIF, Staveley, Reuben are said to pay $415 million for club
Photographer: Naomi Baker/Getty Images
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Saudi Arabia’s sovereign wealth fund has taken over Newcastle United FC from billionaire Mike Ashley after it received approval from the U.K.’s Premier League following a year and a half wait.
It comes a day after Bloomberg News reported that a major stumbling block to the deal had been removed by Saudi Arabia agreeing to lift a broadcasting ban on Qatar-based BeIn Media Group.