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.
By Evie Lake
Published 26th Feb 2024, 11:23 BST
Watch more of our videos on Shots! 
and live on Freeview channel 276
Visit Shots! now

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.

Newcastle United chairman Yasir Al-Rumayyan and Director Amanda Staveley. Amanda Staveley's consortium, in which Saudi Arabia's Public Investment Fund holds an 80 per cent stake, completed its takeover of the club in October 2021.Newcastle United chairman Yasir Al-Rumayyan and Director Amanda Staveley. Amanda Staveley's consortium, in which Saudi Arabia's Public Investment Fund holds an 80 per cent stake, completed its takeover of the club in October 2021.
Newcastle United chairman Yasir Al-Rumayyan and Director Amanda Staveley. Amanda Staveley's consortium, in which Saudi Arabia's Public Investment Fund holds an 80 per cent stake, completed its takeover of the club in October 2021.
Hide Ad
Hide Ad

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.

Get a bespoke news round-up, as well as breaking news updates, when you sign up to NewcastleWorld’s newsletters

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.

Hide Ad
Hide Ad

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.

In recent months it's been heavily rumoured PIF are looking to invest in another top tier football club in Europe, with names such as Inter, AC Milan and AS Roma circulating.

Related topics:Saudi ArabiaCristiano RonaldoSaudi Pro LeagueBIDEuropeAC MilanEgyptGreece

Comment Guidelines

National World encourages reader discussion on our stories. User feedback, insights and back-and-forth exchanges add a rich layer of context to reporting. Please review our Community Guidelines before commenting.