The Kingdom of Saudi Arabian (KSA) Public Investment Fund (PIF) has announced that they are looking to increase their investments from 840 billion Saudi Riyal in 2017 to 1.5 trillion by the end of this year (via The Chronicle).
As per the outlet, the strategy of the PIF was also outlined in a statement on the Argaam website, which highlighted where the money was going to be invested in order to try and boost not just its own assets but the local economic growth around its area as well.
The KSA Crown Prince Mohammed bin Salman (MbS) in addition to the PIF are part of the group looking to buy Newcastle United, along with businesswoman and head of PCP Capital Partners Amanda Staveley and the billionaire Reuben brothers, who are originally from India but are currently based in London.
MbS is on the board of the Saudi government and so would likely have had an influence in the new strategy of PIF, as part of their investment could well be at St. James’ Park.
However, the £300 million deal between Mike Ashley and the buying side is yet to be fully approved by the Premier League, as members of the Toon Army still await their final decision.
Will the Premier League approve the takeover of Newcastle?
Indeed, their approval could well make the Magpies a very rich club as MbS and his country’s PIF may look to invest further in the squad with the abundance of wealth that they are likely to have at their disposal.
Nevertheless, everything continues to be speculation at this point until the top flight make their official announcement.
Geordies, will the decision be made before the end of the season? Comment below!
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