• Loading stock data...
Thursday, November 14, 2024
Want a chance to win $250? Take a few minutes to complete our survey and help us improve with your feedback! Take the Survey

Saudi-Led Consortium Buys Newcastle for $409M

Newcastle United/Design: Alex Brooks

England’s Newcastle United soccer team has been purchased for $409 million by a consortium led by Saudi Arabia’s sovereign wealth fund, the Public Investment Fund, following a year-and-a-half of disputes regarding the Saudi government’s involvement. 

Mohammed bin Salman, the Crown Prince of Saudi Arabia, heads the fund, which is set to become the world’s largest by 2030, managing $2 trillion in financial assets.

On Thursday, the Premier League received legally binding assurances from the Saudi Kingdom guaranteeing the following:

  • It will not control the club.
  • The consortium’s purchase will be separate from the Kingdom.

Before the deal was approved, activists had called on the Premier League to consider Saudi Arabia’s alleged human rights abuses, arguing that a club purchase would be “sports washing” on the Kingdom’s behalf.

Mike Ashley, who owned the team for 14 years, will no longer be involved with the 128-year-old organization.

The Saudi consortium will own 80% of the team. Property developers Simon and David Reuben will own 10%. The remaining 10% will go to PCP Capital Partners.

Qatari media network BeIN Sport, which owns Premier League media rights in the Middle Eastern region, had been banned from broadcasting in Saudi Arabia due to a dispute over the country’s involvement with pirated content. BeIN is now clear to air matches in the country following the lift of the ban this week.

Linkedin
Whatsapp
Copy Link
Link Copied
Link Copied

What to Read

Aug 3, 2024; Columbia, South Carolina, USA; Liverpool forward Mohamed Salah (11) drives past Manchester United Harry Amass (41) at Williams-Brice Stadium.

Premier League Ref Suspended for Wild Rants Against Liverpool, Jürgen Klopp

The unverified video shows the referee since 2018 disparaging Liverpool.
Former President Donald Trump waves to the crowd as he exits the putting green with his aide Walt Nauta, left, during the final round of the LIV Golf Bedminster golf tournament at Trump National Bedminster on Sunday, Aug. 13, 2023.
opinion

Trump Win Puts Sports Back in the White House

With Trump back in the White House, sports get more political again.
Members of the NY Giants run onto the field to start the game between the New York Giants and the Washington Commanders at MetLife Stadium in East Rutherford on Sunday, Nov. 3, 2024.

The NFL Is Becoming the League With No Borders

Where will the NFL go next? International expansion will only get bigger.

400 People Showed Up to WTA Saudi Final With $15 Million Purse

The WTA is in the first year of a three-year agreement with Saudi Arabia.
podcast thumbnail mobile
Front Office Sports Today

Will Drew Brees Return to Broadcasting?

0:00

Featured Today

NFL Center Connor McGovern Is the Heir to a Potato Empire

The NFL vet’s family provides potatoes for McDonald’s, Wendy’s, and others.
Vanderbilt Commodores fans head to the south end zone as the goal post is taken down by exuberant fans after beating No. 1 Alabama 40-35 at Vanderbilt Stadium in Nashville, Tenn., Saturday, Oct. 5, 2024.
opinion
November 2, 2024

Something New in College Football This Year: Parity

Upsets, surprises. CFB is more fun on the field than the NFL.
Sep 28, 2024; Tuscaloosa, Alabama, USA; GOP Presidential candidate Donald Trump waves flanked by former Georgia Bulldogs player Herschel Walker, recording art Kid Rock, professional golfer John Daily, Alabama senators Tommy Tuberville (R) and Katie Britt (R) during the second half of the game between the Alabama Crimson Tide and the Georgia Bulldogs at Bryant-Denny Stadium.
November 1, 2024

Mission Swing State: College Football’s Political Advertising Battle

Trump, Harris, and the PACs that support them are utilizing the sport.
October 31, 2024

The Untapped Revenue ‘Powder Keg’ of Women’s NFL Fandom

There’s a “boatload” of money at stake for brands and the league.

Why Liberty Media Spun Off Assets, Shook Up Leadership

Longtime CEO Greg Maffei is stepping down at the end of the year.
Jul 7, 2021; Tampa, Florida, USA; Tampa Bay Lightning owner Jeff Vinik hoists the Stanley Cup after the Lightning defeated the Montreal Canadiens 1-0 in game five to win the 2021 Stanley Cup Final at Amalie Arena.
October 25, 2024

Lightning Sell at $1.8B Valuation, Nearly Double Prior NHL Record

The Lightning unveiled a multistep and multiyear sale process.
Oct 27, 2024; Seattle, Washington, USA; Buffalo Bills quarterback Josh Allen (17) passes against the Seattle Seahawks during the second quarter at Lumen Field.
October 30, 2024

Buffalo Bills in Talks to Sell Stake to PE Firm Arctos: Report

Arctos already has a slice of Paris Saint-Germain and the PGA Tour, among other assets.
Sponsored

How UBS Crafts Impactful Partnerships Across Sports, Arts, and Culture

As UBS continues to expand its impressive array of sports and entertainment partnerships, the company solidifies its position as a leader in wealth management.
May 24, 2024; Minneapolis, Minnesota, USA; Dallas Mavericks owner Mark Cuban celebrates after defeating the Minnesota Timberwolves in game two of the western conference finals for the 2024 NBA playoffs at Target Center.
October 9, 2024

Why Mark Cuban Sold the Dallas Mavericks When He Did

Cuban sold his majority stake to the Adelson family in December 2023.
Young fans look over Michigan State sports equipment on display during the Spring Showcase on Saturday, April 20, 2024, at Spartan Stadium in East Lansing.
October 2, 2024

Private Equity Firms Buy Rival Hockey Brands CCM and Bauer

Both brands have been around for decades and changed ownership in the same week.
September 18, 2024

Rogers Tightens Grip on Canadian Sports With $3.46B MLSE Stake

The Blue Jays owner makes a big move to corner most of the Toronto pro sports market.
Fans watch TV screens during a game viewing party for fans at the FanDuel Sportsbook at Meadowlands Racing & Entertainment in East Rutherford, New Jersey.
September 18, 2024

FanDuel Parent Buys Italian Gambling Company in Bid for Growth

Flutter is making big moves in Italy and Brazil.