35.1 C

Everything you need to know about the new owners of Newcastle United

Newcastle United have now been acquired by the Saudi Arabia Public Investment Fund (PIF) after they paid £320 million to previous owner Mike Ashley. They now have controlling 80% stakes of the club, while the remaining 20% is equally split between PCP Capital Partners, a consortium of investors headed by Amanda Staveley and RB Sports & Media. 

The governor of the body, Yasir Al-Rumayyan is the new president of the club. He is one of the most powerful men in Saudi Arabia, and is very influential in the business sector in the country. 

Having a net worth of €380 billion, Newcastle United are now the richest club in the world. The riches of Manchester City and Chelsea are only a fraction of the Magpies at this point, and fans have been celebrating the departure of Mike Ashley after long-standing protests for the departure of the previous owner of the club. 

Last April, Yousef Al-Obaidly (executive director of the Qatari company beIN) accused the government of Saudi Arabia of “facilitating the theft of almost three years of commercial rights of the Premier League on a global scale” through its endorsement of the pirate service beoutQ. Due to this very reason, the takeover took much longer than expected, but has now been completed 18 months later. 

- Advertisement -TechnoSports-Ad

The new owners will surely invest in the club, and the projections are for £200 million to be spent on revamping the team to be able to compete for the title. However, it will need time and patience. The first step for the improvement of the team will be through the recruitment of new players. 


Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Arsh Das
Arsh Das
A music enthusiast, also passionate about football and bringing you the latest in the sporting world every day.



Related Stories

More from author

Thiago Silva all but confirms Chelsea exit at the end of 23/24 season

Chelsea's Thiago Silva has revealed that he has decided his future, and that fans will find out in the next few weeks. The 39-year-old...

Bayer Leverkusen produce another late comeback to extend unbeaten run to 45 games

The final 10 minutes of Borussia Dortmund vs Bayer Leverkusen were as tense as they could be. After Niclas Fullkrug scored in the 81st...

Chennaiyin FC sign 2 new players for new season

Chennaiyin FC have been making waves in the transfer market after missing out on the ISL semifinals this season. The Machans have completed the...

Manchester United escape Wembley embarassment to set up FA Cup final against City

Manchester United have defeated Coventry City 4-2 on penalties to set up a Mancunian derby in the FA Cup finals. The Red Devils were...