In 2007, Mike Ashley, a British billionaire, purchased Newcastle United. This led to frequent managerial changes and the subsequent decline of the club’s performance.
Newcastle United got relegated twice under Ashley’s ownership - first in 2009 and then again in 2016. However, on both occasions, they managed to bounce back to the Premier League in the very next season.
In October 2021, the Saudi Arabian-funded consortium, PIF, took over the club from Mike Ashley. This was a significant event as it ended Ashley’s 14-year reign at the club.
The takeover made Newcastle United the richest club in the world, promising a new era of success and growth for the club. However, it also raised concerns due to Saudi Arabia’s human rights record.