Newcastle United owners announce major move as Karim Benzema deal agreed

Newcastle United’s Public Investment Fund of Saudi Arabia owners have announced a majority stake in four Saudi Pro League clubs.

As part of Saudi Arabia’s sports clubs investment and privatization project, Al Ahli, Al Nassr and Al Hilal have been transformed into companies owned by 75 per-cent by PIF and 25 per-cent by non-profit foundations.

A PIF statement read: “As part of today’s announcement of the Sports Clubs Investment and Privatization Project, four Saudi clubs – Al Ittihad, Al Ahli, Al Nassr, and Al Hilal – have been transformed into companies, each of which is owned by #PIF and non-profit foundations for each club.

“Existing members of each club will be included in the four foundations. #PIF is working closely with @gsaksa_en [Saudi Ministry of Sport] on all the necessary regulatory procedures to complete the clubs’ transfers to their new structures as newly founded companies alongside non-profit foundations.

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“#PIF’s ownership in the clubs’ companies represents 75% in each club, while their respective non-profit foundations hold 25% ownership of each club.

“The transfer of the four clubs will unleash various commercial opportunities, including investment, partnership and sponsorships across numerous sports.”

With Newcastle 80 per-cent owned by PIF, it remains unconfirmed as to how the Magpies could be impacted, though it has been joked by supporters already on social media that Karim Benzema is ready to join on loan. The Real Madrid legend is set to join Al-Ittihad.

In January, Portuguese legend Cristiano Ronaldo joined Al-Nassr, and rumours that he could join Newcastle if they qualified for the Champions League were shut down by Eddie Howe. Meanwhile, Lionel Messi has been linked with a world-record move to Al-Hilal after leaving Paris Saint-Germain.