Entertainment

Arab Money Speaks Volume As Newcastle Owners Inject More Cash

Published

1 year ago

November 13, 2022

Arab Money Speaks Volume As Newcastle Owners Inject More Cash

PIF, PCP Capital Partners, and RB Sports & Media, the ownership group of Newcastle United Football Club, have added an additional £70.4 million in equity to the Premier League team to modernize infrastructure and for working capital requirements.

The group’s total investment up to this point has exceeded £450 million, according to a statement from the club, which verified the revelation.

The statement said:

“The ownership group, comprising PIF, PCP Capital Partners, and RB Sports & Media, has invested a further £70.4 million of equity into Newcastle United FC. This investment brings the ownership group’s investment to date to over £450 million.”

In a £300 million buyout agreement in October of last year, the Saudi-led consortium put an end to Mike Ashley’s 14-year control of the Premier League club. The purchase was backed to an 80% extent by Saudi Arabia’s Public Investment Fund (PIF).

The £70.4 million that was invested in the Premier League team will provide it more money to invest in infrastructure and ongoing business operations. The additional investment brings the ownership group’s cumulative investment to almost £450 million in just over a year and a half.

Arab Money Speaks Volume As Newcastle Owners Inject More Cash

As anticipated, the club has witnessed changes to its “training facilities, St. James’ Park enhancements, and recruitment of a number of senior executives to expand out the commercial operations of the club, as well as vestment in the playing squad.” Additionally, the ownership group guarantees additional investments in the soccer team.

The English Premier League team, who spent £123 million during the summer transfer window, is currently in great shape. With 27 points from 14 games, Newcastle is third in the Premier League standings, ahead of teams like Chelsea, Manchester United, Liverpool, and Tottenham.

Newcastle United’s CEO, Darren Eales, said:

“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.

“We need to develop the whole business, as well as the playing squad. And we need to do so while adhering to the Financial Fair Play rules. This additional investment further enables us to continue implementing the business plan.”

Newcastle on the pitch side were on Saturday able to hand London side, Chelsea 4 consecutive defeats in all competitions this season with a 1-0 victory via a masterfully crafted goal at home to the Blues.