Newcastle City Council hope ‘momentous’ takeover will bring bright future for city

Newcastle City Council is hoping the new owners of Newcastle United will help forge a brighter future for the city.

The Public Investment Fund of Saudi Arabia, Reuben Brothers and PCP Capital Partners are now owners of the Magpies, with Mike Ashley’s near 15-year ownership coming to an end at around 5 pm yesterday.

The £300 million deal signals a new era for the club and one that could have knock-on effects for the city's overall prosperity.

Newcastle City Council labelled Thursday a "momentous" day for the city and were eager to share their desires that the club's new owners help boost the area.

Cllr Nick Forbes, Leader of Newcastle City Council, said: “This is a momentous day in the history of the club and our city. I know that fans will be delighted by this news and are excited to welcome a decisive new direction for the club.

“Football is such a vital part of Newcastle’s identity and St James Park is, for many, the literal and metaphorical beating heart of the city. The prospect of successes on the pitch once more gives us all something to hope for.

“Newcastle United is our city’s biggest nationally and internationally recognised brand. As such, I look forward to speaking to the new owners to see what further opportunities for our city today’s announcement will bring.”