The long-awaited takeover of Newcastle United led by Amanda Staveley and backed by Saudi Arabia's PIF and the Reuben brothers has now been completed, ending Mike Ashley's ill-fated reign at St James' Park.
BBC Sport reports that the Saudi Public Investment Fund will provide 80% of funds for the £300 million deal and becomes the majority owner of the club. They are seen to be separate to the state and sees the takeover pass the Premier League owners' and directors' test.
It is being reported that Saudi Arabia came to a resolution regarding a piracy dispute with beIN Sports, which owns rights to show Premier League matches in the Middle East.
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"The Premier League, Newcastle United Football Club and St James Holdings Limited have today settled the dispute over the takeover of the club by the consortium of PIF, PCP Capital Partners and RB Sports & Media," reads the Premier League statement.
"Following the completion of the Premier League's Owners' and Directors' Test, the club has been sold to the consortium with immediate effect.
"The legal disputes concerned which entities would own and/or have the ability to control the club following the takeover. All parties have agreed the settlement is necessary to end the long uncertainty for fans over the club's ownership.
"The Premier League has now received legally binding assurances that the Kingdom of Saudi Arabia will not control Newcastle United Football Club. All parties are pleased to have concluded this process which gives certainty and clarity to Newcastle United Football Club and their fans."
Allan Saint-Maximin ramped up the excitement among Newcastle fans with this tweet earlier today, and there are high hopes that the Magpies will start challenging at the top end of the table.
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It is a far cry from the present situation on Tyneside, with the Magpies languishing in 19th place and still yet to record their first Premier League win of the season.
But the takeover has drawn criticism from the likes of Amnesty International, with the human rights abuses charity believing the deal should not have passed the Premier League's owners' and directors' test.
"Instead of allowing those implicated in serious human rights violations to walk into English football simply because they have deep pockets, we've urged the Premier League to change their owners' and directors' test to address human rights issues," Sacha Deshmukh, Amnesty International chief executive told BBC Sport.
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"The phrase 'human rights' doesn't even appear in the owners' and directors' test despite English football supposedly adhering to FIFA standards. We've sent the Premier League a suggested new human rights-compliant test and we reiterate our call on them to overhaul their standards on this."
Newcastle's first match under the new regime will be on 17th October when Tottenham Hotspur visit St James' Park. The Toon Army conclude October with a trip to Crystal Palace six days later, ahead of welcoming title challengers, Chelsea to Tyneside on 30th October.
Featured Image Credit:Topics: Premier League, Allan Saint-Maximin, Newcastle United
