Shearer issues Newcastle rallying cry after Saudi takeover

Newcastle United legend Alan Shearer has insisted that they “dare to hope again” after the Saudi-led takeover of the Magpies was completed.

The Saudi-led consortium have been pushing to takeover Newcastle for the past couple of years.

This fell through last year but it was first reported on Wednesday that it was back on the cards.

It was then revealed on Thursday that the Premier League had approved the takeover.

After this was announced, Newcastle United released a statement reacting to the news:

“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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This takeover ends Mike Ashley’s 14-year stint as owner of Newcastle. Shearer was placed in interim charge of Magpies at the end of the 2008/09 season.

The club legend had eight games as manager. He only won once as he could not save Newcastle from relegation to the Championship.