Saudi wealth fund buys England’s Newcastle United soccer club

The ownership of English Premier League club Newcastle United changed hands on Thursday after Saudi Arabia’s Saudi Public Investment Fund took over the club. Fans celebrated in Newcastle as former players too backed the takeover which has been in process for sometime now.

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PIF is backed by Saudi crown Prince Mohammed bin Salman but had to give assurance to Premier League that the country of Saudi Arabia and the Prince will not have any control in the running of Newcastle United.

British-based Reuben brothers along with financier Amanda Staveley will be the minority partners in the consortium along with the Saudi group. Newcastle United was founded 128 years ago in 1892 and won their last domestic trophy back in 1955 as the fans expect a major turnaround with the new investment coming in.