Newcastle United's £305 million takeover by a Saudi Arabian-backed consortium was completed on October 17, 2021, after the Premier League approved the deal following assurances that the Saudi state would not control the club. The Public Investment Fund (PIF), fronted by financier Amanda Staveley, provides 80% of the funding, ending Mike Ashley's 14-year ownership.
The PIF's assets of £250 billion make Newcastle one of the wealthiest clubs in world football. Fans gathered at St James' Park for the first match under the new ownership against Tottenham Hotspur.
