Newcastle United has become the most talked about football club in the world over the last several days as a takeover of the club by mega-rich owners was finally approved by the Premier League after over a year in process. Here’s what you need to know about the takeover and new ownership of one of the most historic clubs in England.

So why is this a big deal?

Newcastle is being taken over by a huge number of fundraisers funded by a Saudi Arabia backed Public Investment Fund (PIF). Last year the takeover failed an ownership and directors test by the premier league who claimed it was too intertwined with the actual Saudi Government and not independent enough. However, that decision was reversed by the Premier League after they received “legally binding assurances” that the club was not owned by the Saudi state.

Who are the major players in this takeover?

The major character behind the PIF and the reason for its immensely deep pockets is Suadi Crown Prince Muhammad Bin Salman (MBS) who within the fund will own 80% of the club. Amanda Stavely who helped broker the deal that saw Man City’s takeover in 2008 that lead them to riches was also at the forefront of this recent deal and has become the face that made it happen. She will become the primary boots on the ground for the club’s new ownership. Stavely also owns one of the remaining 10% steaks in the club.

Who is MBS and why is his takeover controversial?

Mohammed Bin Salman Al Saud is the crown prince of Saudi Arabia. MBS was actually seen somewhat as a reformer, credited with lifting the ban on women driving and driving to diversify Saudi Arabia’s economy. However, despite these achievements and his takeover of Newcastle propelling the club to the richest in the world MBS has been accused of many human rights violations. From air wars in Yemen to the accusation that he had Jamal Khashoggi, a journalist for the Washington Post, killed. While MBS and the PIF are seen as extremely tied to the Saudi state which as a state entity cannot own a football club. However, MBS has managed to skirt around his ties to allow his money to be used to fund Newcastle United while, at least on paper, the state still does not directly own the club

What happened to the failure of the Owners and Directors test last year?

The Owners and Directors Test given by the Premier League to assess the prospective ownership of a club has been called into question by Amnesty International after the decision to fail the prospective ownership group failed. Amnesty International is concerned that the test does not account for those accused of human rights violations to put their pockets into English football. The passage of the test came after Premier League received “assurances” that the Saudi State would not be the direct owners of the club despite the PIF controlling an 80% stake.

However, quite possibly a more important turn of events was the recent resolution between Saudi Arabia and Qatari company BeIN Sports who broadcast Premier League games. BeIN Sports was unable to stream Premier League matches in Saudi Arabia due to a domestic dispute but Saudi Arabia recently reversed that decision while getting rid of a competing pirate broadcasting company. The ability for Premier League games to now be legally streamed in Saudi Arabia helped speed up the takeover for Newcastle as the Premier League will now be able to receive direct and legal streaming revenue from consumers of games watched in Saudi Arabia.

How was this received?

Newcastle fans were excited about the initial takeover because they would be ditching previous owner Mike Ashley who for 14 years basically ran one of England’s most historic clubs, a club which boasts English Football’s all time leading goalscorer into mediocrity. Ashley’s reign coming to an end along with the extremely deep pockets of the new ownership will be a welcome sight for some of the most dedicated fans in English football. Some Newcastle fans are also hopeful that the takeover can help begin to curb or resolve human rights issues within Saudi Arabia.

So how much will Newcastle be able to spend?

The PIF is worth £700bn, a sum 22-times-greater than the second richest club in England, Manchester City. While that doesn’t mean Newcastle’s budget will be that exact figure, their pockets have become significantly deeper than every other club in the league and around the world. They will have great spending power going forward. Newcastle are making trajectory changing money and have already been linked with pricey moves for players. Although we might not see the true effects of the takeover until months or even years down the road, the impending wealth of Newcastle United has suddenly and controversially become very real.