Newcastle being bought by The Saudi Arabia Public Investment Fund (PIF) shows intent from Eastern countries to invest in more European football clubs. Who exactly are they and will the takeover help the Toons improve?
In layman’s terms, the PIF is a fund that was established to serve as a broker to invest government funds into various projects, in this case, the Saudi Arabian Government. Their assets currently have a value of over $320billion, and Prince Mohammed bin Salman has now set his sights on purchasing Newcastle United for approximately £300m.
The deal, however, has been pushed back due to certain allegations against the Saudi’s, namely, piracy concerns over the streaming or airing of English Premier League football in the country. This may come as a big knock if the deal doesn’t go through, as some Tynesiders will see the takeover as progression and with progression also comes ambition.
Craig Hope, a North-East football reporter had this to report on the talk show, White and Sawyer, which airs on talkSport regarding the topic:
"What we are doing is providing two sides of the story. Sources on one side do not think this will be a problem, but other sources say it will be a problem, and as journalists we’re merely reporting all the information we can get. To give an honest answer, I don’t know if this takeover will go through. Only the Premier League know what they’re thinking. (Via: talkSport)"
If or when the deal goes through, Newcastle will be considered one of the richest clubs in the world. But with all that money, unfortunately also comes cutbacks, as the new owners would more than likely want to get some fresh and talented faces in at Newcastle.