Newcastle United's Premier League rivals 'in talks' with PIF-owned company regarding multi-million pound deal

Chelsea have reportedly 'held talks' with Saudi Arabian Public Investment Fund-owned airline Riyadh Air regarding a new front-of-shirt sponsorship deal for next season.

Riyadh Air, who already sponsor La Liga side Atletico Madrid, were founded in 2023 as a new flag carrier for Saudi Arabia. Riyadh Air is owned by PIF, who own an 80% stake in Chelsea's Premier League rivals Newcastle United.

PIF governor Yasir Al Rumayyan is chairman of both Riyadh Air and Newcastle. According to The Telegraph, with Chelsea looking for a new front-of-shirt sponsor for next season, a deal with the airline is a possibility.

Newcastle are sponsored by another PIF-owned company in Sela in a deal worth around £25million-per-season.

But Newcastle will be held to different standards when doing business with PIF-owned companies due to Premier League rules regarding associated party deals.

Last month, shareholders of Premier League clubs voted in favour of more strict rules regarding associated party transactions. 12 clubs voted in favour while six voted against and two abstained.

A Premier League statement read: "Following a full review of the existing Associated Party Transactions Rules and Fair Market Value assessment protocols, clubs agreed to a series of amendments to further enhance the efficiency and accuracy of the system."

Shortly after PIF acquired Newcastle in 2021, Premier League clubs voted to implement a temporary ban on associated party commercial deals. Since the ban has been lifted, Newcastle have agreed major commercial deals with PIF-linked companies such as Noon, Sela and Saudia.

New, more stringent, rules will see any future associated party commercial deals come under more scrutiny in relation to the Fair Market Value assessment. 

Chelsea chairman Todd Boehly has also recently visited Saudi Arabia to meet with Saudi Pro League director of football Michael Emenalo. While the nature of the meeting has not been disclosed, it will only fuel speculation that The Blues are looking to raise funds by offloading unwanted players to Saudi Arabia as the club battles pressure from the Premier League's Profit and Sustainability Rules.

Chelsea have announced pre-tax losses of £90.1million in their latest accounts with significant investment being made since Boehly's acquisition of the club back in 2022 without any progress on the field.