Newcastle United PIF owners set to increase spend by £23.7bn
Newcastle United's owners are set to increase their capital deployment by over £20bn per year.
Newcastle United's owners are set to increase the amount they spend by around £23.7bn following an increase in investments.
Saudi Arabia's Public Investment Fund (PIF) is going to increase its annual deployment of capital from between £31.6bn and £39.5bn ($40bn-$50bn) to £55.3bn ($70bn) a year after 2025, as reported in Bloomberg.
Newcastle United chairman and PIF governor, Yasir Al-Rumayyan, confirmed the increase in capital deployment on Thursday at the FII Priority conference in Miami. He also claimed the fund is ringfencing 20% to 25% of the billions for international investments.
Since 2021, PIF have owned 80% of Newcastle United after purchasing the club off Mike Ashley for around £305m.
And ever since the takeover, PIF have made a flurry of sporting investments across Europe and beyond.
It has been heavily rumoured PIF are looking at buying another top-tier football club in Europe, with names such as Inter, AC Milan and AS Roma circulating.
PIF is rumoured to be worth over £550bn.