Dubai: Saudi Arabia’s Public Investment Fund (PIF) raises its ownership stake in Newcastle United football club from 80 to 85 per cent.
This increase comes as PIF and RB Sports and Media, the sporting division of the UK’s Reuben Brothers, acquire the share previously held by PCP Capital Partners, co-owned by Amanda Staveley.
RB Sports and Media will retain a 15 per cent stake in the club. The transfer of ownership is slated for completion in July, according to a statement from the English Premier League club, with financial details remaining undisclosed.
Amanda Staveley will be stepping down from all roles associated with Newcastle United.
In October 2021, a consortium led by PIF, in partnership with PCP Capital Partners and RB Sports and Media, finalised the acquisition of Newcastle United Limited and Newcastle United Football Club from St. James Holdings Limited. PIF acquired the stake for $396 million (Dh1.4 billion) in October 2023, according to BBC reports
The investment in Newcastle United is part of broader efforts within Saudi Arabia to monetise football and attract foreign investment, involving the sale of fourteen Saudi football clubs, including several from the Pro League.
This initiative, approved by the cabinet, aims to bolster the country’s sports sector as a component of its economic reform strategy.
In its 2023 financial report released recently, PIF acknowledged potential constraints in the sale of these clubs, given their classification as "common control transfers" where ultimate ownership remains with the government.
