The Public Investment Fund of Saudi Arabia has confirmed that it remains committed to its investment in Newcastle United amid reports that the group could pull out of its LIV Golf investment.
The Times had reported that golfers on the LIV tour had been ‘bracing’ for news that the competition could shut down.
Those fears came after PIF published a new spending strategy for the next four years, with a focus on ‘sustainable returns’. Nearly £4 billion had been splurged on LIV Golf since its launch in 2021 and LIV chief executive Scott O’Neil had admitted that the project was unlikely to be profitable for five to 10 years.
PIF reaffirm Newcastle United investment
It had raised some questions about other PIF sporting investments but The Chronicle reports that the group will continue to back Newcastle United.
The outlet claims that suggestions of a £1 billion sale for the football club have been rejected by sources. It’s added that nobody at PIF is ‘flapping’ about the progress at St James’ Park, both on Tyneside and in Riyadh.
PIF own an 85% stake in the club but have taken a back seat since the takeover in 2021 with no significant sightings of Yasir Al-Rumayyan at the club this season. David Hopkinson had been appointed as CEO to run the club on behalf of Saudi investors.
The Saudi group have ploughed more than £500 million into the club since buying the majority share and the expectation is that the funding will continue as financial rules around the Premier League and Champions League get more complicated.
David Hopkinson on Newcastle United vision
Speaking about the club’s vision in December, Hopkinson said: “By 2030, I see this club being in the debate about being the top club in the world. That kind of progress doesn’t take as long as you might think. What it takes is clarity of conviction.
“Can Newcastle win the Premier League? Yeah, of course. Why not? Our job is to set ourselves up as perennial contenders. We have to have the courage to ignore those that doubt us and even those that laugh at us.”
In other news, Sam Fender and Lewis Capaldi ‘bromance’ blooms at Newcastle United bar in New York.
