Premier League club Newcastle United have been taken over by a Saudi Arabian-backed consortium, the league announced in a statement on Thursday.
"Following the completion of the Premier League's Owners' and Directors' Test, the club has been sold to the consortium with immediate effect," the Premier League said.
The consortium includes the kingdom's $430 billion sovereign wealth fund PIF, chaired by Saudi Crown Prince Mohammed bin Salman, which is at the centre of plans to transform its economy by creating new sectors and diversifying revenues away from oil.
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