A Saudi Arabia-based investment group has officially acquired Newcastle United.

The Premier League has announced that a consortium of Saudi Arabia-based companies has been approved to acquire English football club Newcastle United.

In a statement from the Premier League, it was reported that the dispute over Newcastle United's takeover by a consortium consisting of Saudi Arabia's Public Investment Fund (PIF), PCP Capital Partners and RB Sports&Media has been resolved.

The statement said, "The Premier League has received legally binding guarantees 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."

The sale worth approximately 352 million euros had been waiting for approval by the relevant authorities for about 18 months.

Newcastle United becomes the world's richest club

With this sale, Newcastle United has entered the ranks of the world's richest clubs. Newcastle United's new owner, Saudi Prince Mohammed bin Salman, plans to allocate a 1.5 billion euro transfer budget for Newcastle for the next season.

Authority in club management will not be with the Saudi Arabian government, but with the consortium.

1. Newcastle United: 400 billion euros

2. PSG: 260 billion euros

3. Manchester City: 25 billion euros

4. Leipzig: 18.5 billion euros

5. Salzburg: 18.5 billion euros

6. Juventus: 16.5 billion euros

7. Chelsea: 12 billion euros

8. LA Galaxy: 10 billion euros

9. Arsenal: 8 billion euros