Saudi-led consortium clinches Newcastle United takeover

1 / 3
Fans celebrate outside St. James’ Park. after the Newcastle United takeover was announced. (Reuters)
2 / 3
Amanda Staveley speaks to the media shortly after after the Newcastle takeover was announced. (Reuters)
3 / 3
Breakthrough $410m deal gives Kingdom a seat at top table of European football. (File/Reuters)
Short Url
Updated 07 October 2021
Follow

Saudi-led consortium clinches Newcastle United takeover

  • Breakthrough $410m deal gives Kingdom a seat at top table of European football

DUBAI: A consortium led by Saudi Arabia’s sovereign wealth fund, the Public Investment Fund (PIF), has clinched a deal to buy Newcastle United, the English football club.

After 18 months of on-off negotiations, the PIF, along with British financial entrepreneur Amanda Staveley and billionaire investors the Reuben brothers, finally sealed a £300 million ($410 million) deal with Mike Ashley, the club’s owner.

Lawyers and other advisers worked through the night and all day Thursday to finalize the transaction after a change of heart by the English football authority, the Premier League, allowed the acquisition to proceed.

“We are extremely proud to become the new owners of Newcastle United, one of the most famous clubs in English football,” Yasir Al-Rumayyan, governor of PIF, said. “We thank the Newcastle fans for their tremendously loyal support over the years and we are excited to work together with them.”

With the purchase, Newcastle will join the ranks of Europe’s super-clubs, including Manchester City and Paris Saint-Germain, which have the backing of wealthy and committed owners.

The prospect of owners led by Saudi Arabia was immensely popular with Newcastle’s fan base, who have seen their club starved of funds to take it to the next level, leaving the side languishing near the bottom of the English Premier League.

“This is a long-term investment. We are excited about the future prospects for Newcastle United,” Staveley, chief executive officer of PCP Capital Partners, said. “We intend to instill a united philosophy across the club, establish a clear purpose, and help provide leadership that will allow Newcastle United to go on to big achievements over the long term.

“Our ambition is aligned with the fans – to create a consistently successful team that’s regularly competing for major trophies and generates pride across the globe,” she added.

The PIF-backed proposal also pledged to pump £250 million into football and other facilities in the northeast of England, home to the club’s St. James’ Park stadium.

“We look forward to a great future for Newcastle United,” Jamie Reuben of RB Sports & Media, said. “Newcastle is a fantastic city, which is why our family has been investing heavily in the area for many years, to become part of this great club and its amazing fans is a privilege.

“We will build a true community Club, based upon our family’s knowledge of the city and in line with our plans that have been worked on closely with Newcastle City Council to deliver long-term sustainable growth for the area,” he added.

The deal gives Saudi Arabia a seat at the top table of European football, and the potential to bring success back to the club in the English league and top European competitions.

Sport and leisure have been identified as two of the main pillars of Vision 2030, the Kingdom’s strategy to transform social, cultural and economic life, led by Crown Prince Mohammed bin Salman.

The PIF will have the dominant position in the new ownership structure, with 80 percent of the club’s shares, while Staveley and the Reubens will have 10 percent each.

An agreement with Ashley was signed in April 2019, only for the transaction to become bogged down in legal technicalities regarding details of ownership, as well as lobbying by other top English clubs trying to prevent the deal.

It was also slowed by claims from Qatari broadcaster beIN about infringements of TV coverage rights, denied by Saudi Arabia.

Ashley took the English authorities to court in an attempt to clear these hurdles, and a final ruling had been expected next January. But it is understood that legal action has now been dropped following clarification of the ownership structure and a settlement of the broadcasting rights claims.

Last summer, the PIF formally withdrew from the deal after a lack of transparency from the Premier League, but sources told Arab News that the deal was still on the table — assuming the Premier League dropped its undisclosed objections.

Staveley said then: “It’s awful. We are devastated for the fans. We really thank the fans; I personally thank them for all their support.”

But behind the scenes Staveley made it clear that she and the other members of the consortium were not walking away from the bid.

THE 14 YEAR SAGA OF NEWCASTLE TAKEOVERS

  • 1

    Mike Ashley takes over Newcastle United for GBP134

    Timeline Image 2007

  • 2

    MA first puts club up for sale

  • 3

    Amanda Staveley makes first takeover attempt

    Timeline Image 2017

  • 4

    PIF emerges as key player in proposed takeover

  • 5

    Formal contact for disposal to PIF consortium - including Staveley and Reubens Brothers - signed by MA

  • 6

    BeIN alleges broadcast rights infringement

    Timeline Image June 2020

  • 7

    Premier League declines to approve the deal

  • 8

    Peace deal between Saudi Arabia and Qatar

    Timeline Image Jan 2021

  • 9

    MA begins 2 legal actions against Premier League

  • 10

    Deal finally agreed


Retegui fires Atalanta to top of Serie A ahead of Inter Milan

Updated 25 sec ago
Follow

Retegui fires Atalanta to top of Serie A ahead of Inter Milan

  • Retegui claimed his 12th league goal of the campaign after just four minutes for the visitors before Ederson and Ademola Lookman scored to send Atalanta above Inter
  • Juventus failed to impress in a goalless stalemate with AC Milan

VERONA, Italy: Serie A’s leading scorer Mateo Retegui netted as Atalanta beat Parma 3-1 on Saturday to go top of Serie A on goal difference, overtaking Inter Milan despite the reigning champions’ rout of Verona.

Retegui claimed his 12th league goal of the campaign after just four minutes for the visitors before Ederson and Ademola Lookman scored to send Atalanta above Inter, who hammered Verona 5-0 earlier.

Napoli drop to third before they host Roma on Sunday on Claudio Ranieri’s return to top-flight management.

Juventus, meanwhile, failed to impress in a goalless stalemate with AC Milan and are sixth, one place above their opponents.

Atalanta coach Gian Piero Gasperini said his team were developing a winning mentality.

“We have to focus on winning every game we can and the rest is not really in our minds,” he told Sky Sport Italia.

“That was the case in the Europa League too, we didn’t start out thinking we’d win it, but as time wore on and we found ourselves in that position, we weren’t going to hold back either.”

Argentina-born Italy striker Retegui, 25, opened the scoring early on with a deft header.

The reigning Europa League champions doubled their lead after 39 minutes as Brazil midfielder Ederson scored his second goal of the season.

But five minutes into the second half, the hosts cut the deficit as Matteo Cancellieri fired home.

Retegui was replaced by attacking midfielder Charles De Ketelaere as Gasperini rested the attacker before Tuesday’s Champions League trip to Swiss side Young Boys.

Parma’s hopes of denying Atalanta a seventh straight league win were dashed with a quarter of an hour to play as Nigerian international Lookman finally scored, netting for a seventh time this campaign to ensure his side take top spot in the table.

Earlier, Marcus Thuram scored twice in Inter’s easy win over Verona as Joaquin Correa, Stefan de Vrij and Yann Bisseck were also on the scoresheet.

Correa’s opener in the 17th minute, a delightful dink after smart interplay with Thuram, didn’t just spark a rout, it was also the Argentine’s first Serie A goal in more than two years.

Out-of-favor Correa had only played 38 minutes this season before this weekend but was excellent in place of captain and star striker Lautaro Martinez who was sent home early on Saturday with the flu.

“I know him well, he’s been training brilliantly since July, he’s got a lot of competition,” Simone Inzaghi told DAZN.

“I’m pleased for him but I’m also pleased for the boys because they played really well,” he added.

Verona have lost nine of their 13 league matches this season and sit 14th, just three points above the relegation zone.

Inter now host Leipzig on Tuesday as they push for direct qualification for the last 16 of the Champions League, having thumped Verona with a clutch of starters either injured or rested.

As well as Martinez, Hakan Calhanoglu, Federico Dimarco and Benjamin Pavard missed Saturday’s match after a busy period on international duty.

Juventus trail Inter and Atalanta by three points after offering little to shout about against AC Milan at the San Siro.

Ravaged by injuries, including to starting center forward Dusan Vlahovic, coach Thiago Motta was forced into an experimental line-up featuring midfielder Teun Koopmeiners up front.

“I’m pleased with our performance, especially defensively against a team which created very little,” Motta told DAZN.

“All in all we played well, I think a point right now keeps us going. I’m happy to see that we’re well-organized and are capable of playing like a big team should.”


10-man Barcelona concede two late goals in draw at Celta Vigo

Updated 37 min 33 sec ago
Follow

10-man Barcelona concede two late goals in draw at Celta Vigo

  • Celta poured forward at Balaidos Stadium and Hugo Alvarez rifled in the 86th-minute equalizer with Barcelona unable to mark the extra man
  • Antoine Griezmann converted a late penalty to equalize and Alexander Sorloth struck an 86th-minute winner to give Atletico Madrid a 2-1 win at home over Alaves

BARCELONA: Celta Vigo gave 10-man Barcelona a shock by scoring two late goals and snatching a 2-2 draw at home in the Spanish league on Saturday.

Barcelona were minutes away from a win to pad their league lead after Raphinha and Lewandowski had put Barcelona ahead.

But the game dramatically swung after Barcelona defensive midfielder Marc Casado was sent off with a second booking in the 81st. Moments later Jules Kounde’s poor control of a ball in his area allowed Alfon Gonzalez to pick his pocket and give the hosts hope in the 84th minute.

Celta poured forward at Balaidos Stadium and Hugo Alvarez rifled in the 86th-minute equalizer with Barcelona unable to mark the extra man.

Barcelona coach Hansi Flick, however, said that he saw it coming since his team had never been able to establish their passing game and was making mistakes even when up 2-0.

“It was not only the 10 last minutes, it was the whole match. We played today a really bad game,” Flick said. “The passing game for us was bad. We made a lot of mistakes and at the end we had no confidence with the ball.”

This was Barcelona’s second straight stumble since Lamine Yamal was sidelined with a right-ankle injury. Barcelona lost 1-0 at Real Sociedad without Yamal before the international break.

Barcelona is seven points ahead of third-place Real Madrid, which has played two fewer games.

Koundé accepted the blame for what he called his “gross mistake” that helped give Celta hope.

“We didn’t do what we needed to all game, and at the end they made us pay,” Koundé said. “It starts with me. I can’t lose my focus like that. It was a gross mistake that can’t happen. I accept that it was my fault.”

The late rally by Celta came after Raphinha had led Barcelona as he filled in for Yamal on the right side of the front three.

Raphinha opened the scoring in the 15th when he ran onto a long pass by Kounde that bounced over left back Óscar Mingueza, cut back to his left foot and fired home.

Lewandowski doubled the lead in the 61st after Raphinha intercepted a pass by Minqueza and set up his strike partner. The Poland striker scrambled the ball past two defenders before slotting beyond Vicente Guaita.

Lewandowski took his league-leading tally to 15 goals in 14 rounds, while Raphinha has added eight league goals.

Raphinha came close to a second goal that would have made it 3-0 when he hit the post in the 77th, just moments before the wild final stretch when it all crumbled for the visitors.

“We have to learn from this. This can’t happen just because we had a player sent off. But onto the next game,” said Gavi Paez, who started his first match since returning from a serious leg injury last season.

Atletico move into second place

Antoine Griezmann converted a late penalty to equalize and Alexander Sorloth struck an 86th-minute winner to give Atletico Madrid a 2-1 win at home over Alaves.

The comeback victory lifted Atletico into second place — five points behind Barcelona.

Coach Diego Simeone showed his sensitive side after the match when he choked up when speaking about this love for the team he has coached for nearly 13 years.

Valencia honor flood victims

Valencia played their first home game since last month’s devastating floods that killed over 200 people in eastern Spain.

The club honored the victims before kickoff when several fans were seen to cry during the ceremony.

Hugo Duro led the 4-2 win over Real Betis by scoring a double.

Elsewhere, Girona routed Espanyol 4-1 in a Catalan regional derby with Bojan Miovski’s first two goals since joining the club.

Mallorca forward Johan Mojica scored off a set piece from a free kick inside Las Palmas’ area to complete a 3-2 win for the visitors in injury time.


Al-Khaleej stun Al-Hilal with comeback win

Updated 23 November 2024
Follow

Al-Khaleej stun Al-Hilal with comeback win

  • Defeat was first for reigning champions in the league in 46 games since May 2023

RIYADH: Al-Hilal lost 3-2 at Al-Khaleej on Saturday, a result made even more stunning as the all-conquering champions had been winning 2-0.

It is a defeat, a first in the league in 46 games since May 2023, that not only blows the title race wide open but shows that the champions are not invincible.

Al-Ittihad will go two points clear at the top of the Saudi Pro League if they beat Al-Fateh on Sunday. It also means that Al-Nassr stay five points behind and are not out of the running.

The Blues had the better of the play from the beginning and few were surprised when Marcos Leonardo put the leaders ahead after just 12 minutes.

Sergej Milinkovic-Savic won the ball on the edge of the area as Khaleej tried to play out from the back and there was Leonardo to stroke a low shot home.

Eight minutes before the break, Aleksandar Mitrovic struck with his 12th goal in the SPL this season. Salem Al-Dawsari, such a big miss for Saudi Arabia in recent World Cup qualifiers, curled over a corner and there was the Serbian striker to head home.

It seemed to be all over but then the hosts were handed a lifeline on the stroke of half time. Kalidou Koulibaly made a clumsy challenge in the area and while Yassine Bounou saved the penalty from Konstantinos Fortounis, Abdullah Al-Salem reacted the quickest to shoot the rebound home.

Al-Salem stunned Al-Hilal soon after the restart with a stunning goal. The hosts made uncharacteristic defensive mistakes and Khalid Narey fed the ball  to the 31 year-old who chipped Bounou delightfully from the right side of the area.

With five minutes remaining, Fabio Martins side footed home from another Narey assist to provoke wild celebrations as Al-Khaleej move into sixth. Al-Hilal stay top but maybe not for much longer.

 


Spurs thrash Man City 4-0 to end 52-match unbeaten home run

Updated 23 November 2024
Follow

Spurs thrash Man City 4-0 to end 52-match unbeaten home run

  • James Maddison struck twice in seven first-half minutes before Pedro Porro rubbed salt in the wounds of his former club and Brennan Johnson completed the rout
  • City’s first defeat on home soil from open play since the eve of the 2022 World Cup leaves them still five points adrift of Premier League leaders Liverpool

MANCHESTER: Manchester City crashed to a stunning fifth consecutive defeat as Tottenham won 4-0 at the Etihad to end the English champions’ 52-game unbeaten home run on Saturday.
James Maddison struck twice in seven first-half minutes before Pedro Porro rubbed salt in the wounds of his former club and Brennan Johnson completed the rout.
City’s first defeat on home soil from open play since the eve of the 2022 World Cup leaves them still five points adrift of Premier League leaders Liverpool, who play their game in hand at bottom-of-the-table Southampton on Sunday.
A great day for Tottenham eases the pressure on Ange Postecoglou as they climb into the top six.
City boss Pep Guardiola has committed himself to turning around the poorest run of his managerial career after extending his contract till 2027 this week.
But hopes his new deal could revitalize a City side, that have won an unprecedented four consecutive Premier League titles, proved short-lived.
Rodri paraded his Ballon d’Or trophy to the home fans before kick-off as his name was lit up across the Etihad pitch by firelight in an ostentatious show of support for the Spanish midfielder.
The 28-year-old is not expected to play again this season after suffering knee ligament damage in September and his absence has been at the heart of City’s demise.
Guardiola’s men did start strongly as Guglielmo Vicario denied Erling Haaland and the Norwegian had another shot deflected wide.
But the momentum of the match completely swung on Tottenham’s first serious attack after 13 minutes.
Dejan Kulusevski’s teasing cross picked out Maddison who applied a cool first-time finish.
Maddison had found himself frozen out of Postecoglou’s starting line-up in recent weeks and was keen to prove a point to his manager.
Son Heung-min’s inventive pass freed the England international inside the box and he dinked the ball over the advancing Ederson to double Spurs’ lead.
Inconsistency has been the scourge of Tottenham’s season so far.
A 2-1 home defeat to Ipswich before the international break saw Postecoglou’s men slip to 10th in the table.
But they have now twice won comprehensively in Manchester after a 3-0 win over United at Old Trafford.
Dominic Solanke was denied by a fine Ederson save with the chance to make it 3-0 before half-time.
Spurs, though, were not to be denied seven minutes into the second period.
The excellent Kulusevski crossed for Solanke and he patiently laid the ball back for Porro to blast home from close range.
Haaland clipped the bar from an almost impossible angle as City labored to find a response.
Instead, they were hit with one final sucker punch as Timo Werner eased past Kyle Walker and crossed for Johnson to tap home at the far post.
The one glimmer of hope for City may be the return of Kevin De Bruyne after a two-month injury absence as a late substitute.
However, Guardiola has to find solutions fast if his side’s title defense is to be maintained into the new year.
A daunting trip to face Liverpool at Anfield is next up in the Premier League, where City have not won in front of a crowd since 2003.


Odegaard inspires Arsenal to reignite title hopes

Updated 23 November 2024
Follow

Odegaard inspires Arsenal to reignite title hopes

  • Victory at the Emirates lifts them to 22 points, level with third-placed Chelsea
  • Captain Odegaard was making his first appearance at the Emirates since late August and showed what a huge miss he was for Arsenal

LONDON: Mikel Arteta said his Arsenal team “flows in a different way” when Martin Odegaard is playing after the Gunners crushed Nottingham Forest 3-0 on Saturday to end their winless run.
Stunning strikes from Bukayo Saka and Thomas Partey and a first Premier League goal for teenager Ethan Nwaneri gave Arsenal a first victory in five league games, reigniting their title challenge.
Arsenal, Premier League runners-up for the past two seasons, started the campaign strongly but their form dipped and they kicked off on Saturday nine points behind leaders Liverpool.
Victory at the Emirates lifts them to 22 points, level with third-placed Chelsea.
Arsenal took the lead in the 15th minute when Saka exchanged passes with Odegaard on the edge of the area before lashing a left-footed shot into the roof of the net.
Captain Odegaard was making his first appearance at the Emirates since late August and showed what a huge miss he was for Arsenal during his two-month injury absence.
Time and again the Norwegian found space in the penalty area with his quick feet and he teed up Gabriel Jesus, who curled narrowly wide, before linking up with Saka again.
Partey doubled Arsenal’s lead early in the second half after collecting Saka’s pass 20 yards out and taking a touch, before curling his shot away from the dive of Matz Sels and inside the far post.
Seventeen-year-old Nwaneri tucked away Raheem Sterling’s cutback to wrap up an emphatic win in the 86th minute.
“I think we started really well,” Arteta told the BBC. “The sense I was getting in the last 48 hours after the international break, the boys coming together and were all at it.”
Speaking about Odegaard, who returned to action at Inter Milan earlier this month, he said: “It’s not a coincidence. The team flows in a different way when he is playing.”
And he also had warm words for Nwaneri.
“He is the second-youngest (Premier League goalscorer) in our history,” Arteta said. “That’s a story in itself.
“He’s brave. You see the reaction of fans and they were singing ‘He’s one of our own’. I think we have to put brick by brick and make sure the cement doesn’t get dry. Hopefully we can build a beautiful thing with him.”