Magic Circle Duo Join Dentons, Reed Smith on Saudi Newcastle United Takeover | Law.com International (2024)

FAQs

Is Dentons a magic circle? ›

Other large City firms like CMS, Clyde & Co, Dentons and Simmons & Simmons also see themselves as part of the magic circle's chasing pack.

On 23 May 2007, Ashley bought Sir John Hall's 41.6% stake in Newcastle United at one pound per share, for a total cost of £55,342,223 via his company St James Holdings Ltd.

The conglomerate of Public Investment Fund (PIF), RB Sports & Media, and PCP Capital Partners, all of them with shares of Newcastle United's ownership, boasts an estimated combined worth of £489 billion, per the report referenced above.

The model takes into account various factors such as performance, age, position, experience, contract status, and finances of potential buyers. Their assessment places Newcastle's squad value at over £700 million ($885.8 million), with their highest-valued players ranked as follows.

Dentons recognized among “Best Law Firms” by U.S. News – Best Lawyers in 2024 rankings.

Attorneys responded to the most recent survey between January and March 2023, and the results of the poll rank the following as the top five most prestigious firms in the world for 2024: Cravath, Swaine & Moore. Wachtell, Lipton, Rosen & Katz. Skadden.

Following the change in ownership in 2021, all of Newcastle's debt had been removed, as Ashley's £107m loan was “extinguished” with Big Mike being repaid £18m and the remaining £89m converted into capital.

Alex Hunt. The Times has reported that Mike Ashley's Frasers Group has acquired the WiggleCRC brand. According to the report the sale has been made for less than £10 million.

Who are the current owners of Newcastle United? Saudi Arabia's sovereign wealth fund, otherwise known as the Public Investment Fund (PIF), majority owns Newcastle United. PIF's chairman is Crown Prince Mohammed bin Salman bin Abdulaziz Al Saud, who is also the Prime Minister of Saudi Arabia.

Newcastle United become football's richest club ahead of Manchester City, Chelsea & Paris Saint-Germain.

Who is the richest person from Newcastle? ›

According to the 2023 list, David and Simon Reuben are now the wealthiest people in the North and North East. The India-born brothers teamed up with Saudi investors and the British financier Amanda Staveley last year to buy Newcastle United from Mike Ashley.

NEWCASTLE UNITED'S Saudi supremos are the Premier League's richest owners since completing their sensational takeover. The £300million deal with the Saudi Arabian Public Investment Fund fired the Toon to the top of the wealthy charts but who else is on the billionaire list?

The combined wealth of Newcastle's owners is today estimated at $620 billion. To put that into some context, the estimated net worth of the owners of the other 19 Premier League clubs combined is only around $124 billion.

Newcastle United might have become the richest soccer club in the world in December 2021 when Saudi Arabia's sovereign wealth fund led a takeover of the club, but only now can they say they are back in the big-time.

PSG are the richest club in France and one of the wealthiest in the world. PSG currently have the third-highest revenue in the footballing world with annual earnings of €802m according to Deloitte, and are the world's seventh-most valuable football club, worth $4.21 billion according to Forbes.

The term 'magic circle' was first coined by legal journalists in the late 1990s, and for the past 15 years it has consisted of a distinct group of five: Allen & Overy, Clifford Chance, Freshfields, Linklaters, and Slaughter and May. What sets these firms apart from the rest of the UK legal market?

Across over 80 countries, Dentons helps you grow, protect, operate and finance your organization by providing uniquely global and deeply local legal solutions. Polycentric, purpose-driven and committed to inclusion, diversity, equity and sustainability, we focus on what matters most to you.

Dentons is the world's largest global law firm by number of lawyers and the 6th-largest law firm by revenue.

Magic circle law firm Freshfields ups NQ salary to £150,000

The £150,000 salary a year for NQ now surpasses the rest of the magic circle. However, it is not the highest in the market as US firm Gibson Dunn leads as it pays its London NQ £180,000 a year.