The Saudi-led consortium has pledged to inject $340.5 million into British Premier League club Newcastle United to improve the English soccer iconic club after Thursday acquisition.
The kingdom’s sovereign wealth fund, Public Investment Fund (PIF) landed the Northeastern English club after month-long negotiation, alongside with British financial entrepreneur Amanda Staveley and billionaire investors the Reuben brothers, for a combined investment of $410 million.
“We are extremely proud to become the new owners of Newcastle United, one of the most famous clubs in English football,” Yasir Al-Rumayyan, governor of PIF, said.
“We thank the Newcastle fans for their tremendously loyal support over the years and we are excited to work together with them.”
Staveley, CEO of PCP Capital Partners, which now owns 10 percent of Newcastle, following the deal indicated that the new owners are also committed to spending $340.5 million on the football club and other related facilities.
“Most important for me is the academy, and to get investment to all areas of the club, from all sides,” Stavely said. The PIF-led team launched negotiation in 2019 with Newcastle owner Mike Ashley but talks hit several hurdles including legal technicalities regarding details of ownership, as well as lobbying by other top English clubs trying to prevent the deal.
With the acquisition, the kingdom controls 80 per cent of deal. The Saint James Park side is currently are at bottom of the table, in the 19th spot, just over Norwich City.
Saudi PIF-led consortium to invest $340.5m in Newcastle united after takeover
