The Public Investment Fund (PIF) of Saudi Arabia finished buying Newcastle United from Mike Ashley in October 2021, however they had the option to purchase a share in a different team beforehand.
The owners of Newcastle allegedly turned down the opportunity to spend £700 million for a 30% share in a Premier League team, presumably Manchester United.
The Public Investment Fund (PIF) of Saudi Arabia had been considering its options for a while now to enter the English football league before completing their £305 million acquisition of Newcastle in October of last year. The agreement was made in April 2020.
The owners of Newcastle have never hidden their open desire to win the Premier League and get their team into the Champions League as quickly as feasible.
When asked where he thought the squad will go from here, Al-Rumayyan pointed to Chelsea’s historic victory in the summer as proof that their investment may yield enormous rewards down the road.
“Instead of having only 30% in another team for £700 million, we bought the entire team for £350 million,” he continued. Chelsea was sold for $3.5 billion, as you can see. Thus, I can potentially grow from £350 million to at least $3.5 billion.
The purchase was mediated by Staveley, 49, and Al-Rumayyan disclosed that it was only during the discussions that she and her husband, Mehrdad Ghodoussi, as well as the Reuben brothers, who are represented on the board by Jamie Reuben, decided they wanted to support the project.
Since then, Newcastle has spent more than £200 million on transfers, including the club record purchase of Alexander Isak in the summer, under the direction of Eddie Howe, who succeeded Steve Bruce as manager and kept the team in the Premier League.
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