ANKARA

A Saudi-led investment group has completed the acquisition of Newcastle United, the English club said in a statement on Thursday.

"All requisite approvals have been obtained from the English Premier League and the acquisition was completed on 7 October 2021," the press release read.

The takeover is led by the Public Investment Fund (PIF) – Saudi Arabia’s state’s sovereign wealth fund, and also involves PCP Capital Partners and RB Sports & Media.

"We are extremely proud to become the new owners of Newcastle United, one of the most famous clubs in English football," said Yasir Al-Rumayyan, the governor of PIF.

He also thanked Newcastle's fans for their loyal support, and expressed his excitement to work together with them.

Newcastle currently ranks 19th in the Premier League with three points.