Newcastle United’s £300 million takeover has been completed, with a Saudi-led consortium ending Mike Ashley’s 14-year ownership of the club.
The Premier League confirmed the takeover on Thursday, saying it had received “legally binding assurances” that the Kingdom of Saudi Arabia will not control Newcastle United.
The Public Investment Fund (PIF) leads the investment group, which also includes PCP Capital Partners and RB Sports & Media.
Newcastle’s new owners are expected to appoint a new head coach to replace Steve Bruce, but no date has been set.
The consortium does not want to make hasty decisions, but it is understood that one of the top priorities is determining who will take over in the dugout at St James’ Park in the future.
Al-Rumayyan said: “We are extremely proud to become the new owners of Newcastle United, one of the most famous clubs in English football.
“We thank the Newcastle fans for their tremendously loyal support over the years and we are excited to work together with them.”
Staveley added: “This is a long-term investment. We are excited about the future prospects for Newcastle United.
“We intend to instil a united philosophy across the club, establish a clear purpose, and help provide leadership that will allow Newcastle United to go on to big achievements over the long term.
“Our ambition is aligned with the fans – to create a consistently successful team that’s regularly competing for major trophies and generates pride across the globe.”