It's confirmed... in black and white! Mike Ashley's 14-year Newcastle reign is officially over as the termination of his tenure is confirmed at Companies House after £305m Saudi takeover last month

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It's confirmed... in black and white! Mike Ashley's 14-year Newcastle reign is officially over as the termination of his tenure is confirmed at Companies House after £305m Saudi takeover last month

  • Mike Ashley's time at Newcastle owner is officially up following £305m takeover
  • The much-maligned chief purchased the club back in the summer of 2007
  • He eventually sold the Premier League side last month to Saudi-led consortium
  • Termination of his 14-year reign made official at Companies House on Thursday

Mike Ashley's time at Newcastle owner is officially up with the termination of his reign made official at Companies House.

The much-maligned chief purchased the club back in the summer of 2007 and eventually sold the Premier League side last month.

The Magpies are under new Saudi ownership after a £305million deal was agreed with Ashley and signed off by the Premier League on October 7.

And now the end of Ashley's 14-year tenure has been made official by the 'cessation of St James Holding Limited as a person with significant control' at Companies House on Thursday.

The takeover was stopped in its tracks by a piracy dispute between the Gulf state and its Premier League broadcast partner beIN Sports, but that was eventually settled, paving the way for the takeover to be completed. 

Mike Ashley's (left) time at Newcastle owner is officially up following the £305million takeover

Mike Ashley's (left) time at Newcastle owner is officially up following the £305million takeover

Mike Ashley's (left) time at Newcastle owner is officially up following the £305million takeover

The termination of his 14-year reign at St James' Park was made official at Companies House

The termination of his 14-year reign at St James' Park was made official at Companies House

Newcastle are one of richest clubs after takeover led by Crown Prince Mohammed bin Salman

Newcastle are one of richest clubs after takeover led by Crown Prince Mohammed bin Salman

The deal was initially abandoned in the summer of 2020 when the group were unable to provide separation between themselves and the Saudi state, headed by Crown Prince Mohammed bin Salman.

They were able to provide sufficient proof that the Saudi state will not be in control of the club, and they passed the Premier League owners' and directors' test.

The news delighted Newcastle fans, who flooded social media and St James' Park to celebrate when it was first revealed that the takeover was back on track. 

The Magpies are under new Saudi ownership after a £305million deal was agreed last month - new directors Mehrdad Ghodoussi (second right) and Amanda Staveley (right) in the stands

The Magpies are under new Saudi ownership after a £305million deal was agreed last month - new directors Mehrdad Ghodoussi (second right) and Amanda Staveley (right) in the stands

Ashley's neglect of Newcastle saw them nosedive and his relationship with the club's supporters turned sour - with much protest over the Sports Direct billionaire's time as head of the club.

Newcastle fans now have the richest owners in world football with their £320billion fortune more than 10 times higher than Manchester City.

The Toon will be by some way the wealthiest team in the sport, with Saudi’s Public Investment Fund (PIF) boasting assets worth over £300bn, with stakes in companies ranging from SoftBank to Boeing, Facebook and Uber. 

Newcastle fans celebrating at St James' Park following announcement of takeover last month

Newcastle fans celebrating at St James' Park following announcement of takeover last month

A statement from the new owners after agreeing the takeover last month read: 'An investment group led by the Public Investment Fund (PIF), and also comprising PCP Capital Partners and RB Sports & Media (the 'Investment Group'), has completed the acquisition of 100% of Newcastle United Limited and Newcastle United Football Club Limited ('Newcastle United' or the 'Club') from St. James Holdings Limited. All requisite approvals have been obtained from the English Premier League and the acquisition was completed on 7 October 2021.

'The Investment Group is comprised of long-term, patient investors who have every confidence in the future success of the Club. Today's announcement is the conclusion of a thorough and detailed process that has allowed the Investment Group to arrive at a deal that benefits all stakeholders and will leave Newcastle United well-placed to pursue a clear, long-term strategy.

'His Excellency Yasir Al-Rumayyan, Governor of PIF, will serve as Non-Executive Chairman of Newcastle United. Amanda Staveley, chief executive of PCP Capital Partners, will have one seat on the board. Jamie Reuben will also be a director of the Club, representing RB Sports & Media.

'For PIF, one of the world's most impactful investors, the acquisition is in line with its strategy of focusing on key sectors including Sports and Entertainment, and aligns with PIF's mission to actively invest over the long term – in this case, to harness the Club's potential and build upon the Club's legacy.'

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