Newcastle United play their first game under new ownership on Sunday as a new era begins for the club, which fans are expecting to be an awful lot more successful than the last one. The Saudia Arabian Public Investment Fund (PIF) now owns 80 per cent of the club, with David and Simon Reuben (RB Sports and Media) owning 10 per cent and Amanda Staveley (PCP Capital Partners) taking the final 10 per cent. Yasir Al-Rumayyan, Governor of PIF, is the new non-executive chairman and he said of the deal: 'We are extremely proud to become the new owners of Newcastle United, one of the most famous clubs in English football. 'We thank the Newcastle fans for their tremendously loyal support over the years and we are excited to work together with them.' The PIF is a sovereign wealth fund thought to be worth $430bn (£315bn), making their purchase of Newcastle for £300m small change for them. A sovereign wealth fund is a way to use the huge profits Saudi Arabia makes from fossil fuel sales, spending the money on projects around the world to spread the risk of investments, but also to try and improve the reputation of the… Read full this story
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Why are Newcastle United’s new owners controversial? ‘Sportswashing’ and Saudi Arabia have 314 words, post on metro.co.uk at October 17, 2021. This is cached page on Vietnam Colors. If you want remove this page, please contact us.