Change at Newcastle United. Mike Ashley hands over power to the Saudi Public Investment Fund.
The Premier League finally confirmed a deal worth 370 million Swiss francs on Thursday. The Saudi Public Investment Fund (PIF) has been interested in acquiring Newcastle United for some time. The issue that prevented a previous completion report should now be eliminated. Previous owner Mike Ashley sold 100% of the entirety, and the Saudi Fund acquired 80%.
“The investment group consists of patient, long-term investors who have full confidence in the future success of the club,” the club wrote. You are now able to pursue long-term goals. According to various media, around 350 million euros are owed in acquisition costs.
The questionable crown prince
The league only agreed to the deal under certain circumstances. The club should not be under the control of the Kingdom of Saudi Arabia. Crown Prince Mohammed bin Salman, who is accused of grave human rights violations, is in charge of the Saudi Public Investment Fund. As reported by the BBC, however, the fund has to be independent of the state, which is why the Premier League is giving the green light.
However, Amnesty International for Human Rights faced a lack of understanding regarding this deal. “We have urged the Premier League to urgently change the review of owners and managers and address human rights issues,” said Sacha Deshmukh, executive director of Amnesty International UK. The word “human rights” does not play a role in the examination yet. (canine / mam)
“Creator. Troublemaker. Reader. Tv nerd. Proud beer advocate. Unable to type with boxing gloves on. Introvert. Certified zombie practitioner. Thinker.”