The Saudi Arabia finance minister has defended the takeover of Newcastle United by a Saudi-backed consortium.

Mohammed Al-Jadaan states that the Premier League as a whole will benefit from the move.

He believes that Newcastle will increase the competition in the league when they invest in the playing staff in the coming years.

"This is PIF investment and basically, as they said, they are investing in the club but also the community, the academy and the stadium itself," he told CNBC.

"This is one investment among so many.

"I don't know the technicalities of the association in the UK. But I would say if people are worried about competition amongst clubs, and particularly now we have invested in one of them, possibly that is a good sign that there is a serious competitor coming their way.

"With sponsorship particularly, we do that not only with clubs that we own but with different clubs and events. I think there will be plenty of opportunities for sponsors and plenty of opportunities for the club."