Newcastle now boasts the Premier League’s wealthiest owners, with the PIF’s value dwarfing that of Chelsea owner Roman Abramovich and Manchester City’s Sheikh Mansour, Mirror reports.
Newcastle fans partied into the night on Thursday after Mike Ashley’s 14-year ownership of the club ended when a Saudi-backed consortium paid £305 million for the club.
The proposed agreement was considered last year, but a TV piracy dispute between Qatar and Saudi Arabia proved to be a big impediment.
This has now been addressed, and the Public Investment Fund (PIF) of Saudi Arabia has purchased an 80% stake in the Magpies, with Amanda Staveley and the Reuben Brothers each owning 10%.
Take a look at the five richest owners currently in the Premier League currently;
1. Newcastle – Saudi Public Investment Fund (£320bn)
2. Manchester City – Sheikh Mansour (£22.9bn)
3. Chelsea – Roman Abramovich (£9.6bn)
4. Arsenal – Stan Kroenke (£6.35bn)
5. Aston Villa – Nassef Sawiris (£5.3bn)