Newcastle United chairman provides fresh update on PIF’s staggering wealth – plus future targets

Al-Rumayyan, who became Newcastle’s chairman after the £305million takeover of the club back in October 2021. The takeover made Newcastle the club with effectively the richest owners in world football with PIF owning an 80% stake.

And speaking at the Future Investment Initiative (FII) Institute Priority Summit in Miami on Thursday, Al-Rumayyan claimed PIF’s combined assets now exceed half a trillion pounds.

“PIF when the Crown Prince [Mohammed bin Salman] became the Chairman back in 2015, we had $150billion [approximately £100billion based on 2015 conversion rates] assets under management, today we're around $650billion [£525.6billion] and our target by the end of 2025, we want to go to $1trillion. By the end of 2030, we're hoping to between somewhere between $2-3trillion.”

These latest projections provide further evidence of the ambitions of Newcastle’s owners as well as their enormous wealth.

On the one-year anniversary of the Newcastle takeover last October, Al-Rumayyan wrote an open letter to supporters.

“Thank you for your incredible support,” the Magpies chairman wrote. “I am very conscious of the contributions that you all make – on and off the field.

"Football clubs are driven by their fans. And this club’s fans are more passionate and more committed than any others. I have seen for myself on many occasions how Newcastle fans have lifted our team.

“As we mark the first anniversary of our takeover of the club, it seemed appropriate to take the time to say thank you – on behalf of the Newcastle board.”