SAUDI ARABIA’S PIF ACQUIRES EPL’S NEWCASTLE UNITED FOR $409 MILLION
SMA NEWS – LONDON
A consortium, led by Saudi Arabia’s Public Investment Fund and including PCP Capital Partners and RB Sports & Media, has completed the acquisition of the English Premier League’s Newcastle United for £300 million ($409 million), according to a statement from the league.
Saudi Arabia’s Public Investment Fund (PIF) announced on Thursday the acquisition of English Premier League side Newcastle United.
The PIF has led a group comprising PCP Capital Partners and RB Sports & Media in the deal, the fund said in a statement.
All requisite approvals have been obtained from the English Premier League and the acquisition was completed on October 7, the fund added.
The PIF has assets worth 340 billion U.S. dollars, meaning Newcastle are now one of the richest clubs in the world.
PIF Governor Yasir Al-Rumayyan will be non-executive chairman of Newcastle United.
“We are extremely proud to become the new owners of Newcastle United, one of the most famous clubs in English football. We thank the Newcastle fans for their tremendously loyal support over the years and we are excited to work together with them,” the governor said.
