The sale of Newcastle United to the Saudi Public Investment Fund on Thursday brought jubilant scenes from St James’ Park, as Toon supporters began to dream about the club’s future for the first time in a long time after Mike Ashley’s 14-year ownership came to an end.
The man believed to be behind the Saudi Public Investment Fund is the Crown Prince of Saudi Arabia, the 36-year-old Mohammed bin Salman, although the Premier League were keen to make clear that he will not be the person in charge of making decisions at Newcastle.
“The Premier League, Newcastle United Football Club and St James Holdings Limited have today settled the dispute over the takeover of the club by the consortium of PIF, PCP Capital Partners and RB Sports & Media,” read the Premier League’s statement.
“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.
“All parties have agreed the settlement is necessary to end the long uncertainty for fans over the club’s ownership.
“The Premier League has now received legally binding assurances that the Kingdom of Saudi Arabia will not control Newcastle United Football Club.
“All parties are pleased to have concluded this process which gives certainty and clarity to Newcastle United Football Club and their fans.”
Nevertheless, Bin Salman’s name will no doubt continue to be linked with that of Newcastle, so some Toon supporters will be wondering just how much money he has.
How rich is Mohammed bin Salman?
The collective wealth of the Saudi Public Investment Fund is 320 billion pounds, but Bin Salman’s individual net worth is believed to be around 13 billion pounds.
While this is just behind the net worth of 17 billion pounds that Manchester City owner Sheikh Mansour has, Bin Salman effectively has the riches of the Saudi Arabian royal family behind him, which have a net worth of a whopping 1.3 trillion pounds.
In this instance, Manchester City’s owners fall short of Newcastle’s new proprietors, as the Abu Dhabi royal family have a net worth of 500 billion pounds.