Saudi Wealth Fund Buys Newcastle United After League Backing (3)

Saudi Arabia’s sovereign wealth fund has taken over Newcastle United FC from billionaire Mike Ashley after it received approval from the U.K.’s Premier League following a year and a half wait.

It comes a day after Bloomberg News reported that a major stumbling block to the deal had been removed by Saudi Arabia agreeing to lift a broadcasting ban on Qatar-based BeIn Media Group.

“Following the completion of the Premier League’s Owners’ and Directors’ Test, the club has been sold to the consortium with immediate effect,” the league said in a statement on Thursday.

The head of Saudi Arabia’s Public ...