Newcastle United confirm St James' Park deal as PIF spotted vs Wolverhampton Wanderers

While other entities related to the sovereign wealth fund, such as front-of-shirt sponsor Sela, have been displayed inside the ground, this was PIF’s maiden bow as a showpiece partner. It is unclear how much Newcastle United will profit from bearing their logo across the advertising hoardings.

Controversy in the Mike Ashley era arose due to Sports Direct being emblazoned on every nook and cranny of St James’ Park during his 14-year reign as owner. The unpopular figure went as far as to rename the ground as the Sports Direct Arena - a decision that incensed Toon supporters.

Stadium advertising was recorded as £385,000 in 2018 and £1,113,000 in 2019. However, fans still felt as though the club were being short-changed and that income could have been multiples more if sold to a third party.

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As mentioned, it is unclear how much PIF are paying to showcase their brand at St James’ Park. But the Premier League will be paying attention after approval to their Associated Party Transaction (APT) rules were granted in November.

Newcastle, Manchester City, Aston Villa and Nottingham Forest opposed the amendments which govern commercial sponsorship with closely linked parties to ensure they are of “fair market value”. Ironically, APT regulations were introduced on the back of the Magpies’ takeover in October 2021.

Increasing revenue has been a key priority for the Saudi-backed ownership since assuming control. Insiders are expecting the figure - which stood at £180milion three years ago - will increase to over £300million when the annual accounts are released.