Newcastle will top the charts for RICHEST club owners in the world of football once £300m Saudi takeover is completed. With their £320 Billion fortune more than 10 times higher than Man City’s owners and in any event, dwarfing Qatar-controlled PSG.
Newcastle United Set To Become World’s Richest Club After Saudi Takeover
Newcastle are set to have the wealthiest owners in world football once the £300million Saudi takeover is signed off.
The purchase of the club by the Saudi-drove consortium is relied upon to be announced imminently after the Gulf state settled its theft dispute with Premier League broadcast accomplice beIN Sports and gave assurances over who will control the club.
It will bring a finish to Mike Ashley’s 14-year ownership of the Magpies, after much protest over the Sports Direct very rich person’s time heading the club.
After the deal is finished, Saudi’s Public Investment Fund (PIF) is relied upon to own 80% of the club, with Amanda Staveley and the Reuben brothers uniformly splitting the remaining 20%.
The original deal, which was abandoned in the summer of 2020 because of the Premier League’s objections, would have seen Newcastle led by Crown Prince Mohammed bin Salman and governed by Yasir Al-Rumayyan.
Al-Rumayyan, the governor of the PIF, is reportedly still being lined up as the club’s non-leader chairman. Bin Salman’s job is surely eliminated, nonetheless, given the Premier League have now gotten assurances that the state will not be straightforwardly involved in the running of the club, and sources say this will see the deal given the go-ahead.
The Toon will be by some way the richest club owners in the world of football, with the Saudi PIF boasting assets worth a staggering £320billion, with stakes in companies ranging from SoftBank to Boeing, Facebook and Uber.
This wealth is by some way larger than that of Manchester City owner Sheik Mansour, who had originally been the world’s richest football club owner at £23.3bn.
Mansour is the deputy prime minister of the United Arab Emirates, and comes from the royal family of Abu Dhabi.
But once the Newcastle United take over is announced, the Magpies’ owners will be worth 10 times more than City’s.
Paris Saint-Germain are the only club who can compare with Newcastle under their new ownership. President Nasser Al-Khelaifi’s own wealth is reported to be around £6.5bn, but he is just the front man for owners Qatar Sport Investments, an offshoot of Qatar’s Investment Authority which is the equivalent of the Saudi PIF.
Qatar’s national wealth fund holds assets valued around £220bn, including London’s iconic The Shard building and luxury retailer Harrods, plus stakes in companies such as Volkswagen and Barclays.
However Newcastle’s new owners are still worth vastly more than PSG’s incredibly rich owners.
A purchase out was abandoned initially last year when the consortium drove by Saudi’s Public Investment Fund (PIF) and including Amanda Staveley and the Reuben brothers couldn’t demonstrate separation between themselves and the Saudi state.
The Premier League have now gotten assurances that the state will not be straightforwardly involved in the running of the club and sources say this will see the deal given the go-ahead.