Saudi Arabia's Public Investment Fund (PIF) announced on Thursday the acquisition of English Premier League side Newcastle United.

The PIF has led a group comprising PCP Capital Partners and RB Sports & Media in the deal, the fund said in a statement.

All requisite approvals have been obtained from the English Premier League and the acquisition was completed on October 7, the fund added.

The PIF has assets worth 340 billion U.S. dollars, meaning Newcastle are now one of the richest clubs in the world.

PIF Governor Yasir Al-Rumayyan will be non-executive chairman of Newcastle United.

"We are extremely proud to become the new owners of Newcastle United, one of the most famous clubs in English football. We thank the Newcastle fans for their tremendously loyal support over the years and we are excited to work together with them," the governor said.

A deal had initially been agreed for the PIF to buy Newcastle in April 2020, but the deal collapsed four months later over a disagreement on who would control the club.

The deal was thought to have been resurrected after Saudi Arabia settled an piracy dispute with Qatar-based broadcaster beIN Sports, which owns the Premier League's broadcasting rights for the Middle East.

Newcastle are currently 19th in the Premier League, with no wins from their seven matches so far this season.

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