Clamor rises as Newcastle welcome their new investors.
The black and white jerseys, immortalized legends, fans shaking up the stands of St. James Park, Newcastle United is one of the most influential clubs of the premier league. A beacon of the sport, a club which had players like Alan shearer, Andy Cole, Michael Owen and many more. They recently fell off in their performance but have yet found a way to be a topic of discussion and controversy among the football community.
Newcastle has recently been brought by the Saudi Arabian crown prince Mohammed bin Salman. Newcastle is now backed by the PIF which is head by the crown prince. To explain further, PIF is essentially a state savings account for the Saudi Arabian government. It makes the bulk of its money from oil, which Saudi Arabia has sold all over the world. This is the sovereign wealth fund of Saudi Arabia and one of the largest in the world.
A whopping 300 million euros is the agreed amount of the deal which ends the ill-fated 14-year tenure of Sports Direct boss Mike Ashley. The Saudi PIF will have an 80 percent stake in the club, with the remainder held by PCP Capital Partners and RB Sports & Media. The supporters of the club are delighted and are waiting for the next transfer window at the end of this season.
The reason for the wait is very simple. With people like Kylian Mbappé leaving Paris Saint-Germain next summer and the future of Harry Kane and Erling Haaland, among others, uncertain, the expectations that Geordies around the world will enjoy a similar and immediate change of fortune like the one. Certainly, Newcastle should be expected to undergo a major reinforcement plan as soon as possible to build a competitive team around Callum Wilson, Allan Saint-Maximin and Joe Willock.
After their fall from grace this their first real chance to get back in the big leagues. As the deal was pushed through very suddenly and that too after initial denial by the league due its legislative requirements, a lot of clubs are now opposed to way this deal came about. 19 clubs in the topflight are united in their opposition of the 300-million-pound takeover of Newcastle and are demanding answers as to why they were informed of the deal at such short notice and why the situation changed so quickly during the past few days.
The deal obviously cannot be stopped at this point as it is too late, but most clubs want to know the reason for this short notice and why this sudden change in policy has come about. Moreover, the arrival of a new multimillionaire owner to the Premier League will stoke inflation, resulting in rises in transfer fees and players’ wages.
Well, it doesn’t matter now because the deal is already final and the papers have been signed, in a league where foreign money was already an issue and teams just couldn’t compete with the budget of the bigger clubs. Suddenly a club has risen from the shadow and now has the financial backing to get some real success in the coming seasons. Will St. James Park light up again, only time will tell.
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