£300m takeover almost done: Premier League club Newcastle United will have new owners

Saudi Arabia Public Investment Fund (PIF) have reportedly completed a £300m buyout of 80% of the club's shares which will make them the outright owner of the club, ending current owner Mike Ashley's 14years reign as the club owner after the Premier League gave a green light to the deal.

The deal was supposed to have happened in July 2020 but the league refused to grant approval because of the issue of illegal streaming of the league's matches illegally in the region. Qatari network beIN Sports has not broadcasted Premier League matches for over years now due to the issue.

The issue was resolved and the league okay the purchase which will spell a turnaround for the club who is yet to record a Premier League win this season. Head coach Steve Bruce is also reported to be in danger of getting a sack once the deal is complete.

The deal will make the club have the richest owners in the league with a combined net worth of £260bn more than Manchester City's Sheikh Mansour, Chelsea's Roman Abramovich and also rival oil owned European clubs including PSG.