It has now been revealed that senior staff at Newcastle United have been informed by the Saudi Arabia PIF majority owners that they are fully committed and indeed, are now looking to really push the club forward.
Since the Newcastle United takeover, the PIF has made many headlines across sport.
As well as their controlling stake in Newcastle United, Saudi Arabia PIF looked to elevate their domestic league to a far higher level via huge funding, this included taking majority ownership of four Saudi clubs. A host of ageing players from around the world attracted by massive wages, the whole project having very mixed results.
This week, Saudi Arabia PIF sold their 70% share in Saudi Pro League club Al-Hilal for £276m.
The PIF have poured ridiculous amounts of money into LIV Golf to try and get a dominant position in the sport but this has proved a disaster. With now widespread claims that they are set to withdraw their backing for LIV Golf.
Newcastle United Chairman and Saudi Arabia PIF Governor Yasir Al-Rumayyan has this week confirmed that PIF are reviewing “some deals and investments”….going on to say, “Whether due to the war or reasons related to economic feasibility, we continuously reassess our priorities.”
Saudi Arabia have of course had major success in getting the rights to host the 2034 World Cup. That doesn’t appear to be challenged whatsoever, after all, it is as prestigious as it comes in world sport getting to host that tournament.
What about Newcastle United though?
With budgets having been tightened elsewhere, whilst the 2034 World Cup hosting made a priority, where will NUFC be positioned now within their priorities?
BBC Sport have now reported on the matter, they state that their sources have informed them that the Saudi Arabia PIF have told senior staff at Newcastle United that the club are unaffected. BBC Sport saying that those trusted with running the club on the owners’ behalf speak to PIF every day and nothing has changed.
Indeed, a Saudi Arabia PIF delegation is due on Tyneside the week after next to help move things forward now, with ‘an announcement on a major capital investment is understood to be in the pipeline.’
BBC Sport adding that they have been informed that Saudi Arabia PIF ‘divesting of its stake in Al-Hilal was always the intention and that those in charge remained totally committed to Newcastle United…the sale [of Al-Hilal] should not be interpreted as a sign of weakened interest in its sporting portfolio, which remains a key part of the country’s plans as it seeks to boost tourism, diversify the economy, and improve the reputation of the country amid concerns over its human rights record.’
The report going on to say: ‘Newcastle United are one of the smaller investments in PIF’s portfolio and, conversely, senior figures at the club have always maintained it is also one of the fund’s biggest in terms of engagement. Given the top flight and Uefa’s respective financial rules, which limit spending, this was always viewed as a long-term project following the takeover in 2021. It has required a different approach to the especially aggressive stance PIF subsequently adopted with LIV Golf…But it has been very much “business as usual” at St James’ Park this week following PIF’s reassessment of priorities elsewhere.’
The big infrastructure projects that are essential to move the club on, a state of the art training complex and most importantly, a brand new much bigger capacity stadium, Newcastle United fans hoping that plans for both will now finally be ‘in the pipeline’…