Newcastle United owners set for World Cup deal following £1bn acquisitions
Newcastle United's owners are reportedly looking to purchase a stake in the company which will play a big part in the 2034 World Cup.
Newcastle United's majority owners are reported to working on a deal to buy into a key player in Saudi Arabia's 2034 FIFA World Cup campaign.
Saudi Arabia's Public Investment Fund are said to be looking to buy a 36 per cent stake in Saudi Binladin Group, the kingdom's biggest construction conglomerate with the help of Morgan Stanley.
The SBG is owned by the Ministry of Finance and has played a key part in modernising the country, but last year PIF spent just over £1bn to acquire stakes in local construction companies to strengthen the kingdom's industry.
The deal comes after PIF governor and Newcastle United chairman Yasir Al-Rumayyan announced the sovereign wealth fund would increase its capital deployment by around £23.7bn per year.
The construction group is reported to be key for Saudi Arabia's plans to host global events such as the World Expo exhibition in 2030 and the 2034 FIFA World Cup which require major infrastructure investments.
Saudi was unopposed in its bid for the tournament in 10 years time after abandoning its 2030 bid alongside Greece and Egypt.
PIF have owned 80% of Newcastle United since the club's £305m takeover in 2021. In 2023, the sovereign wealth fund acquired a 75% stake in four teams in the Saudi Pro League, including Cristiano Ronaldo's current club Al Nassr.