Saudi Arabia’s Public Investment Fund is making a fresh investment worth tens of millions of pounds in Newcastle United FC, the English football club it bought just over a year ago.
The PIF and other investors will inject a fresh £70.4 million ($80.6 million) into the English Premier League team, according to a statement on Wednesday. It brings the total amount invested in the club by the ownership group to £450 million.
PIF finally sealed a long-fought acquisition of Newcastle United in October 2021. Overnight, Newcastle United became part of an exclusive club of European teams bankrolled by Middle East investors with seemingly unlimited resources.
Jamie Reuben, the son of billionaire businessman David Reuben, and Amanda Staveley, the financier who courted a deal with Newcastle United on behalf of the wealth fund, were part of the takeover consortium.
Since then, Newcastle United has brought in a new coach and players and is currently enjoying a successful season in the EPL, sitting third in the table after a string of impressive performances.
“We are at the beginning of a long-term plan that aims to build a club that can compete consistently at the highest levels of English and European football,” Newcastle United Chief Executive Officer Darren Eales said in a statement.
Newcastle United is one of the best-supported clubs in England. Its St. James’ Park stadium lies in the heart of Newcastle-upon-Tyne, a city in the northeast of the country, and draws average crowds of more than 50,000.
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