The de facto ruler of Saudi Arabia Mohammed Bin Salman Al Saud buys Newcastle United Football Club from Mike Ashley via P.I.F investment vehicle.
The Public Investment Fund is the sovereign wealth fund of Saudi Arabia. It is among the largest sovereign wealth funds in the world with total estimated assets of at least $500 billion. It was created in 1971 for the purpose of investing funds on behalf of the government of Saudi Arabia.
Mohammed bin Salman Al Saud, colloquially known as MBS, is a Saudi Arabian politician who has been the Crown Prince of Saudi Arabia since 21 June 2017.
Newcastle United Football Club is an English professional football club based in Newcastle upon Tyne, that plays in the Premier League – the top flight of English football. The club was founded in 1892 by the merger of Newcastle East End and Newcastle West End.
The Premier League, often referred to as the English Premier League or the EPL, is the top level of the English football league system. Contested by 20 clubs, it operates on a system of promotion and relegation with the English Football League. Seasons run from August to May with each team playing 38 matches.
Michael James Wallace Ashley is a British billionaire retail entrepreneur focused in the sporting goods market, and the chief executive of Frasers Group Plc. He entered the department store industry following the acquisition of House of Fraser post-administration in 2018.
U.S. Department of State from United States, Public domain, via Wikimedia Commons