Newcastle United have become one of the
world richest football clubs after a Saudi-led consortium completed their takeover
of the Premier League side on Thursday. The kingdom’s Public Investment Fund
(PIF) has acquired a 100% stake at the club for a reported £300 millon to end an
18-month saga over the club’s ownership as well as billionaire Mike Ashley’s
troubled 14 years as owner.

The Saudi-led consortium were looking to
buy the club last year, but their proposed offer was rejected over concerns regarding the kingdom’s leadership’s control over the club – given its history with human rights violations. Another major
hurdle in the takeover was a dispute with beIN Sports, one of the two primary broadcasters
for the Premier League.

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The Qatar-based network was banned from broadcasting
in Saudi Arabia for the last four-and-a-half years over a diplomatic issue
between the two countries. However, the issue was resolved on Wednesday night, clearing
the way for the final formalities to be wrapped up.

This is the latest in a string of
high-profile takeovers of European clubs in the last two decades, which has
seen huge injections of cash into infrastructure and player transfers which has
driven the narrative of modern football.

Clubs like Chelsea, Manchester City, Paris
Saint Germain are among the biggest to have been acquired by oligarchs, oil-rich
states or other billionaires as the ultra-rich turn to football’s increasing
allure and lucrative returns.

And the Saudi consortium, led by British
businesswoman Amanda Staveley, is miles ahead of the other owners in terms of net
worth. Check out the full list here:

10. Gao Guangchang – Wolverhampton Wanderers,
$9.7 billion

9. Zhang Jindang – Inter Milan, $11.5
billion

8. Stan Kroenke – Arsenal, $12.6 billion

7. Phillip Anschutz – LA Galaxy, $15
billion

6. Roman Abramovic – Chelsea, $19.5 billion

5. Andrea Agnelli – Juventus, $26 billion

4. Dietrich Mateschitz – RB Leipzig and RB
Salzburg, $29 billion

3. Sheikh Mansour – Manchester City, $39 billion

2. Qatar Investment Authority – Paris Saint-Germain,
$410 billion

1. Saudi Public Investment Fund – Newcastle
United, $596 billion