Newcastle United has become the richest team in world football following the completion of a Saudi Arabian-backed takeover of the English club.

The Premier League has approved the takeover after receiving “legally binding assurances” that the Saudi state would not control the club.

Instead the Public Investment Fund (PIF), which will provide 80% of funds for the £300m deal, is seen as separate to the state.

The sale went through after the deal passed the Premier League owners’ and directors’ test

Read more: https://www.newslead.ng/2021/10/07/newcastle-becomes-worlds-richest-club-as-saudi-consortium-complete-300m-takeover-bid/