Saudi Arabia PIF believe they can grow Newcastle United value to at least £2.5billion
It is now coming up to the first anniversary of the Saudi Arabia PIF led takeover of Newcastle United.
Thursday 7 October 2021 was the day when at last Newcastle fans could celebrate the departure of Mike Ashley, after almost a decade and a half of zero ambition and treating the supporters with sheer contempt.
The Saudi Arabia PIF taking an 80% stake in the new ownership of Newcastle United, with the Reuben family 10%, Amanda Staveley and her husband the remaining 10%.
Yasir Al-Rumayyan is Governor of the Saudi Arabia PIF and Chairman of Newcastle United.
Ahead of Friday’s one year anniversary, he has been reflecting on the Saudi Arabia PIF investment in the football club.
“We bought the whole team (Newcastle United) for £350m, instead of only having 30 per cent in another team (Manchester United) for £700m.
“You can see Chelsea was sold for $3.5bn (£2.5bn).
“So, my potential now is to go from £350m to at least $3.5bn (£2.5bn).
“Football of course is one of the most important sports there is, whether domestically (in Saudi Arabia) or abroad.
“It is the number one sport in the world and why the English Premier League?
“Well, because it is the best league in the world, no other league competes with it.
“There are 20 teams, three are relegated, three are promoted, the advantage of the Premier League is that any of the 20 teams can beat the best team in the league.
“When we looked at it, we looked at it form a financial perspective.
“By the way, it wasn’t the first offer we got regarding a football team. We looked in Italy, France and the UK as well.
“In the UK there was a team (Manchester United) that approached us on the basis that we take 30 per cent of the ownership and (on the condition that) we don’t interfere at all in terms of managing the club, for £700m.
“Then we bought Newcastle, who offered us 100 per cent of the ownership, but Amanda Staveley and her husband who got us the opportunity told us, ‘We like it so much, we would like to be with you’….and that was perfect.
“Then came the Reuben family, who are one of the biggest property investors (in the UK), saying that, ‘We would like to come with you’, and these are one of the biggest investors in (the City of) Newcastle (Upon Tyne).
“I said, ‘Perfect! Tell them to come’. So now they (Amanda Staveley, her husband and the Reubens) have a skin in the game.”
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