Newcastle United to appoint former Arsenal man – key to PIF’s transfer strategy
Newcastle United’s off field progress is set to continue with the appointment of a new chief commercial officer.
The Daily Mail reports that Newcastle are set to appoint former Arsenal chief commercial officer, Peter Silverstone, in the new position.
Silverstone spent seven years at Arsenal between 2015 and 2022 and will be tasked with increasing commercial revenue at Newcastle.
The Magpies are currently looking for a new shirt sponsor for next season after negotiating an early exit from their £6.5million a year deal with FUN88.
The Saudi Arabian Public Investment Fund, Newcastle’s majority owners, confirmed that over £2billion has been invested in football partnerships by its portfolio companies so far in 2022.
And Newcastle’s owners are looking to quickly grow commercial incomes so the club can invest in the squad while working within the Premier League’s Profit and Sustainability rules.
The club has already spent £210million on new signings in 2022, with further spending expected in January and next summer.