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A Saudi Arabia Public Investment Fund are set to take over Newcastle United. (Image: GETTY)
Newcastle United won't just have the wealthiest owners in the Premier League, but in the world, if their prospective £300million takeover goes through. A Saudi Public Investment Fund is now expected to buy Newcastle, ending Mike Ashley's 14-year tenure as the owner at St James' Park.
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According to The Athletic, the Saudi takeover is expected to go through after the state settled a year-long piracy battle with Qatar-based beIN Sports.
Saudi Arabia and Qatar have been involved in broadcast warfare after beIN Sports' regional stream was hacked.
beOUTQ, a Saudi-owned duplicate company, had distributed the stream across the region, which cost beIN Sports a fortune.
The duplicate was shut down in 2019, but the Saudis continued to block beIN Sports, causing tensions between the two Middle Eastern states.
But Saudi Arabia have now reversed their block and settled their legal disputes, meaning they will no longer require arbitration to move forward with their Newcastle takeover.
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Newcastle's new ownership would also trump the likes of Juventus, Chelsea and Arsenal as they comfortably take their place at the top of the tree.
The impending takeover will fill most Newcastle fans with joy and excitement after years of underachievement and a lack of ambition under Ashley's watch.
Many might be uncomfortable with the situation, given Saudi Arabia's harrowing human rights record.
But with the influx of finances the Magpies are set to receive, it seems like change will be a certainty in the coming years, and there is a sense of unpredictability in the air.
That's an exciting prospect, and a welcome change, for fans currently watching one of England's biggest clubs fighting relegation.