Newcastle legend Alan Shearer discusses the club takeover
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Newcastle’s Saudi-backed owners are expecting to be worth a staggering £2TRILLION within the next nine years which could see them become the largest sovereign wealth fund in the world. Saudi Arabia’s Public Investment Fund (PIF) was given a net worth of around £320billion for the year 2020 which has already grown since then.
PIF own an 80 per cent stake in Newcastle after the £305million takeover was completed last week.
While Amanda Staveley and Mehrdad Ghodoussi have been at the forefront this week, PIF are expected to play a huge role behind the scenes.
With the backing of billions of pounds, Newcastle are now being tipped to break records in the transfer market.
Financial Fair Play regulations will limit them somewhat, although reports indicate they could still fork out £200m in a single window and face no repercussions.
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And that newfound wealth in Newcastle doesn’t look like it will be a flash in the pan either.
PIF governor and Newcastle’s non-executive chairman Yasir Al-Rumayyan spoke last year, prior to news of their interest in taking over at Newcastle, about the fund’s plans for the future.
They’re currently the ninth wealthiest sovereign wealth fund with the Norges Bank Investment Management group worth over one trillion.
But Al-Rumayyan confidently predicted in 2020 that PIF will be worth more than six times their current value in 10 years’ time.
“The number looks really big because the largest sovereign wealth fund today is about one trillion,” he told The David Rubenstein Show in March 2020.
“We think it’s very much achievable by 2030 and I will tell you where the growth will be coming from.
“Number one is the performance and we’re doing extremely good performance.
“Number two is the assets we’re getting from the government like different companies.
“Number three is cash injections we’re getting from the government and number four is the recycling of our profits.”
By 2030, Newcastle also want to be challenging for regular Premier League titles with Staveley recently speaking about their ambition for the club.
“Newcastle United deserves to be top of the Premier League. We want to get there. It will take time, but we will get there,” Staveley said.
“We’re proud to be part of the Premier League. It’s an incredibly competitive league, which we love. Premier League football is the best in the world, and Newcastle United is the best team in the world.
“We want to see it get those trophies, obviously. At top of the Premier League, in Europe, but to get trophies means patience, investment, time. We want everybody to work with us to build the club towards what it needs to be.”
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