Premier League approves as Saudi-led consortium completes £305 million deal to gain control of Newcastle

English Premier League has approved the stunning and long-awaited takeover of Newcastle United on Thursday (October 7) as the club is now under new Saudi ownership after Mike Ashley agreed to a £305 million deal. 

Releasing a statement, the league confirmed that Premier League, Newcastle United and St James Holdings Limited have "settled the dispute" over the takeover of the club by the consortium of PIF, PCP Capital Partners and RB Sports & Media. 

The statement added, "Following the completion of the Premier League's owners' and directors' Test, the club has been sold to the consortium with immediate effect. The legal disputes concerned which entities would own and/or have the ability to control the club following the takeover." 

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After the deal, Newcastle United's director Amanda Staveley said the club's new Saudi-led ownership aims to win the Premier League within 10 years. 

Asked about her vision for Newcastle over the next five to 10 years, Staveley told Sky Sports: "Newcastle United deserves to be top of the Premier League. It will take time, but we will get there." 

The Magpies are one of England's best-supported clubs but have not won a major domestic trophy since 1955. 

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"We want to be great custodians of this club," the British financier added. "What we don't want to be in danger of is over-promising. 

"Newcastle is the best team in the world and we want to see it get those trophies, top of the Premier League, in Europe. To get trophies means investment, patience, time." 

Yasir Al-Rumayyan, governor of PIF who will become non-executive chairman of Newcastle United, said in a statement that the deal would mean long-term investment to "harness the club's potential and build upon the club's legacy."

"We are extremely proud to become the new owners of Newcastle United, one of the most famous clubs in English football. We thank the Newcastle fans for their tremendously loyal support over the years and we are excited to work together with them," he said. 

(With inputs from agencies)