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Mike Ashley sold Newcastle United in 2021 after the club’s own owners had announced a sale process in 2017. He later said he accepted a bid he believed would be better for the club, even though he had turned down a higher offer. His interest in Sheffield Wednesday did not result in ownership. Arise Capital Partners completed its takeover of Wednesday on 2 May 2026, so the talk is no longer ongoing as of October 2026.
What the 2017 sale statement said
Newcastle United’s official statement in 2017 said the club’s then ownership had decided to put the club up for sale. It argued that a new owner could provide the investment and long-term commitment the club needed to pursue its ambitions, and it specifically referred to the need for “meaningful investment in the club, including in its playing squad.” This is the club’s stated rationale for starting the process. It is not independent evidence of Ashley’s private reasons for wanting to leave.
How the Newcastle sale completed in October 2021
The sale completed on 7 October 2021. According to Newcastle United’s official announcement, a group led by the Public Investment Fund (PIF), with PCP Capital Partners and RB Sports & Media, acquired 100% of Newcastle United Limited and Newcastle United Football Club Limited from St James Holdings Limited.
- Completion date: 7 October 2021
- Shares acquired: 100% of the two named club companies
- Seller: St James Holdings Limited, the company through which Ashley held the club
- Buyer group: PIF-led, with PCP Capital Partners and RB Sports & Media
Ashley’s explanation for accepting the bid
In a Sun interview, reported by The Guardian on 8 October 2021, Ashley said he had rejected a higher offer. He argued that the bid he accepted would be better for Newcastle, and he said: “Money wasn’t my only consideration.” He also said he knew many supporters wanted a change and that he had worked to complete the deal.
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Read these comments as Ashley’s own account, not a verified record of the competing offers or his full reasoning. They were also a defence of a 14-year ownership period that had drawn sustained criticism from fans over perceived underinvestment.
What the Premier League said about ownership
The Premier League’s statement from 7 October 2021 said the Owners’ and Directors’ Test had been completed and that the acquisition took effect immediately. It said the legal dispute had concerned which entities would own or control the club. It also said it had received legally binding assurances that the Kingdom of Saudi Arabia would not control Newcastle United.
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That distinction matters. The league’s assurance concerns the Saudi state, while the buyer group was led by the PIF. The statement is the league’s account of its regulatory position, and the reporting above describes it as such.
Sheffield Wednesday: from bidder talk to completed takeover
February 2026: a preferred bidder withdraws
On 25 February 2026, The Guardian reported that a preferred-bidder group led by James Bord had withdrawn after due diligence. The report said the auction had included Ashley among the bidders. That was an interim stage in the sale process, and it was superseded by the outcome below.
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2 May 2026: Arise Capital Partners completes the takeover
On 2 May 2026, Sheffield Wednesday announced that Arise Capital Partners, led by David Storch, had taken over the club. BBC Sport reported that the acquisition ended Dejphon Chansiri’s ownership. The English Football League published its own dated new-ownership statement the same day. Ashley did not become the owner.
What the takeover means for the club
BBC Sport reported that the EFL waived a further 15-point deduction after Wednesday exited administration, and that budget restrictions would apply for two seasons. The club had been relegated to League One during the 2025–26 season.
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Which claims are established, and by whom
The stories around these two clubs mix official statements, reported claims and motives. The table separates them so readers can see how much weight each carries.
| Claim | Source | Type of evidence |
|---|---|---|
| Newcastle put up for sale to secure investment and long-term commitment | Newcastle United official statement, 2017 | Club’s stated rationale |
| Acquisition completed 7 October 2021; PIF-led group acquired 100% of the two named companies | Newcastle United official announcement, 7 October 2021 | Official transaction record |
| Ashley rejected a higher offer and said money was not his only consideration | The Guardian, reporting Ashley’s Sun interview, 8 October 2021 | Ashley’s own account, reported |
| Owners’ and Directors’ Test completed; legally binding assurances on Saudi state control | Premier League statement, 7 October 2021 | League’s regulatory account |
| Preferred bidder withdrew; Ashley was among the bidders | The Guardian, 25 February 2026 | Reported during the sale process, now superseded |
| Arise Capital Partners completed the takeover on 2 May 2026 | Sheffield Wednesday announcement; EFL statement, 2 May 2026; BBC Sport | Official completion record |
| Further 15-point deduction waived; two seasons of budget restrictions | BBC Sport, 2 May 2026 | Reported; no separate official text was reviewed for this figure |
The motive for selling Newcastle is the least certain part of the story. The completion dates and buyer group are the most firmly documented.
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