Who is Newcastle chairman Yasir Al-Rumayyan? What’s his net worth? Mike Ashley ousted by oil chief after Saudi takeover
NEWCASTLE UNITED’S Saudi takeover has been completed. But what is known about their new chairman, Yasir Al-Rumayyan? Who is Yasir Al-Rumayyan? Yasir Al-Rumayyan was born in 1970 and graduated from King Faisal University in 1993. He later completed a general management programme at Harvard Business School. He has a distinguished career in finance, which saw […]
NEWCASTLE UNITED’S Saudi takeover has been completed.
But what is known about their new chairman, Yasir Al-Rumayyan?
Who is Yasir Al-Rumayyan?
Yasir Al-Rumayyan was born in 1970 and graduated from King Faisal University in 1993. He later completed a general management programme at Harvard Business School.
He has a distinguished career in finance, which saw him become head of international brokerage at the Saudi Capital Markets Authority and a member of the board of directors of the Saudi Stock Exchange.
In 2015, he became managing director of the Saudi Arabian Public Investment Fund (PIF) which, along with Amanda Staveley of PCP Capital Partners and the Reuben brothers, has completed the Newcastle takeover.
A year later, he joined the board of the Saudis’ state oil company, Aramco, which he is now chairman of.
Aramco is the biggest oil company in the world.
Al-Rumayyan’s PIF group are believed to be worth a staggering £260BILLION, and have offices in London, New York and San Francisco.
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What has Al-Rumayyan said about the Newcastle takeover?
Following the purchase of the club by PIF, Al-Rumayyan said: “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.”
Who else is on the Newcastle board?
The new Newcastle board will have just three members.
Al-Rumayyan will hold the bulk of the power, but he will be joined by Amanda Staveley, of PCP Capital Partners, and James Reuben, representing RB Sports and Media.
Staveley said: “This is a long-term investment. We are excited about the future prospects for Newcastle United.
“We intend to instill a united philosophy across the Club, establish a clear purpose, and help provide leadership that will allow Newcastle United to go on to big achievements over the long term.
“Our ambition is aligned with the fans – to create a consistently successful team that’s regularly competing for major trophies and generates pride across the globe.”
Reuben added: “We look forward to a great future for Newcastle United. Newcastle is a fantastic city, which is why our family has been investing heavily in the area for many years. To become part of this great Club and its amazing fans is a privilege.
“We will build a true community Club, based upon our family’s knowledge of the city and in line with our plans that have been worked on closely with Newcastle City Council to deliver long-term sustainable growth for the area.”
Is Newcastle owned by Saudi Arabia?
The Premier League has declared itself satisfied that Newcastle will not be controlled by the Saudi state.
A statement read: “The Premier League, Newcastle United Football Club and St James Holdings Limited have today settled the dispute over the takeover of the club by the consortium of PIF, PCP Capital Partners and RB Sports & Media.
“Following the completion of the Premier League’s Owners’ and Directors’ Test, the club has been sold to the consortium with immediate effect.
“The legal disputes concerned which entities would own and/or have the ability to control the club following the takeover.
“All parties have agreed the settlement is necessary to end the long uncertainty for fans over the club’s ownership.
“The Premier League has now received legally binding assurances that the Kingdom of Saudi Arabia will not control Newcastle United Football Club.
“All parties are pleased to have concluded this process which gives certainty and clarity to Newcastle United Football Club and their fans.”