Top shareholders strengthen their grip on Premier League club with buyout of British dealmaker
Saudi Arabia’s sovereign wealth fund and the Reuben brothers are strengthening their grip on Newcastle United football club by buying up the minority shareholding held by British dealmaker Amanda Staveley. Newcastle said on Friday that the Gulf state’s Public Investment Fund and the British businessmen’s RB Sports & Media would buy the shares held by Staveley’s PCP Capital Partners.
Al-Rumayyan, who chairs Newcastle, wished the departing shareholders well as they “move on to focus on their other business interests”. The ownership group, he said, would “continue to build on these foundations for long-term, sustainable success for the team”. While PIF has invested billions of dollars in sports businesses around the world, from golf to motor racing, Newcastle is so far the fund’s only asset in European football.
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