According to Bloomberg, Saudi Arabia’s Public Investment Fund (PIF) plans to increase its annual capital deployment from £31.6 billion to £39.5 billion to £55.3 billion a year after 2025.
This was confirmed by Yasir Al-Rumayyan, the chairman of Newcastle United and governor of PIF, during the FII Priority conference in Miami.
PIF acquired an 80% stake in Newcastle United from Mike Ashley in 2021 for approximately £305 million.
Since the takeover, the club has experienced a turnaround in fortunes, notably achieving a 4th place finish under the guidance of manager Eddie Howe, securing Champions League qualification.
Despite their promising trajectory, Newcastle has encountered challenges in replicating their success from the previous season, largely due to injury woes.
Amanda Staveley (right) and Mehrdad Ghodoussi (left) in attendance at St James’ Park.
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And although they possess limitless financial resources, the Magpies have been cautious in the transfer window, adhering to strict Financial Fair Play and PSR regulations.
They currently sit 8th in the table with 37 points, 10 points off 5th place Tottenham and 12 points off 4th placed Aston Villa.
Author : Mehdi Gokal
Publish date : 2024-02-23 21:01:52
Copyright for syndicated content belongs to the linked Source.The post Newcastle United handed significant financial boost by Saudi PIF first appeared on Soccer News.
Author : soccernews
Publish date : 2024-02-23 21:17:01
Copyright for syndicated content belongs to the linked Source.