Saudis, English businessmen and Indian billionaires: who are the investors behind Newcastle’s purchase

Mohammed bin Salman, Prince of Saudi Arabia Photo: Handout.  / via Reuters

A “new rich” is painting in football. This Thursday, Newcastle confirmed its acquisition by a group of businessmen led by the Saudi Arabian Public Investment Fund. The talks, which lasted about a year and a half – and were even undone – were concluded after the Saudis proved that the country’s government would not control the club.

According to the British broadcaster “BBC”.

The fund is led by Mohammed bin Salman, the Saudi crown prince and one of the most controversial figures in international politics. In addition to extravagance and controversies in his personal life, bin Salman is accused of murdering Jamal Khashoggi, a former correspondent for the newspaper “Washington Post” in 2018. A critic of the Saudi government, Khashoggi was assassinated inside Saudi Arabia. Embassy in Turkey, when trying to get documents to get married. His body was never found.

Mohammed bin Salman, Prince of Saudi Arabia Photo: Handout. / via Reuters

A US intelligence report in February concluded that the prince, who has great control over the country’s security and intelligence, was one of those responsible for an operation to capture and kill the journalist. Seven people who will be part of his official guard will be linked to the crime. Months ago, Saudi Arabia sentenced eight people to prison in the case, but did not disclose their identities.

The shadow of bin Salman, a strong figure in Saudi politics in talks, was never welcomed by the Premier League and a section of fans under suspicion that the club could be used as a way for controversial actions and disrespect. Is. For the rights of human resources taken by the local government. Hence the need for proof that there will be no control.

See also  Tite made secret about the team in the last training session of the Brazil team before the Chile game

“Legal discussions were about which entities would own or control the club after the purchase. All parties involved agreed that the deal was necessary to end fans’ long-standing uncertainty about the club. The Premier League has received legal assurances that the Kingdom of Saudi Arabia will not control Newcastle,” the league’s statement said.

According to the club’s announcement, Rajkumar will not have any role on the club’s board for the time being. Who is the governor as non-executive chairman and second in command of PIF, Yasser al-Rumayyan. He was succinct, thanks to fans in a succinct statement.

Al-Rumayun will be the non-executive chairman of Newcastle Photo: Ahmed Yosri / Reuters
Al-Rumayun will be the non-executive chairman of Newcastle Photo: Ahmed Yosri / Reuters

Apart from Saudi Arabia

The presence of other entrepreneurs in this process was another facilitator of procurement. Leading the transaction, Amanda Staveley, owner of PCP Capital Partners, an investment firm that helped the governments of the UAE and Qatar with financial transactions in Europe, will finance 10% of the transaction and will be one of the club’s directors. The 48-year-old Englishman was already involved in another attempt to acquire Magpie in 2017, and was a facilitator in the Manchester City buyout campaign by Sheikh Mansour.

Amanda Stavley is on good terms with Middle Eastern governments Photo: Action Image via Lee Smith / Reuters
Amanda Stavley is on good terms with Middle Eastern governments Photo: Action Image via Lee Smith / Reuters

We want to create a vision of unity, establish a clear proposition, and provide Newcastle with the leadership to achieve the larger, longer-term goals. Our ambition is in line with the fans. We want to build a consistently successful team, which is regularly competing for the main title and that generates worldwide pride – promised businessman.

Also according to the “BBC”, one of the main obstacles to trade was the problem between Saudis and Qataris. Amid strained diplomatic relations, beIN Sports, the Qatar broadcaster that owned the Premier League broadcasting rights, was barred from broadcasting in Saudi Arabia and accused the Saudis of pirating the games. The transaction should end this deadlock.

See also  Kovid-19 pandemic again shakes sporting events around the world

Who closes the trio of investors behind Newcastle’s “new era”, as the club is treating the process on its social networks, is the Reuben family. The Indian-origin billionaire is one of Britain’s richest entrepreneurs. He owns buildings, race tracks and shares that add up to around £16 billion, according to “Forbes” estimates. The financing of another 10% of the deal is the thoughtful Reuben’s first direct investment in a football club.

His representative at the club would be Jamie Reuben, as a director, under the branch of RB Sports & Media. The 34-year-old Mumbai-born businessman was formerly the director of Queen’s Park Rangers, UK Second Division, and is an influential name in UK politics. A Conservative Party supporter, Jamie served on the campaign committee for the re-election of the current prime minister, Boris Johnson, as Mayor of London in 2012.

Jamie Reuben (left), Newcastle's new director Photo: Action Image via Lee Smith/Reuters
Jamie Reuben (left), Newcastle’s new director Photo: Action Image via Lee Smith/Reuters

“Newcastle is a wonderful city that our family has been investing heavily in for many years. It is my privilege to be a part of this great club with incredible fans. We are going to build a community club based on the knowledge of the family of the city. and in line with the plans we have made with the city to bring about long-term sustainable development,” said Jamie.

About the author: Sarah Gracie

Sarahis a reporter covering Amazon. She previously covered tech and transportation, and she broke stories on Uber's finances, self-driving car program, and cultural crisis. Before that, she covered cybersecurity in finance. Sarah's work has appeared in The Wall Street Journal, Bloomberg, Politico, and the Houston Chronicle.

Related Posts

Leave a Reply

Your email address will not be published. Required fields are marked *