PIF to cut millions in international funding as major Newcastle United update emerges

The Saudi Arabian Public Investment Fund (PIF) are set to cut their international investments in a bid to concentrate more on their domestic investments. Currently, around 30% of their investment portfolio is tied up in international ventures, but Yasir Al-Rumayyan has revealed that they will look to reduce that in the coming years.

Speaking at the Future Investment Initiative summit, Newcastle United’s chairman said: “The (international investments of the fund) increased from two per cent (in 2015) all the way up to 30 per cent. Now our target is to bring it down to a range between 18 to 20 per cent.

“People used to come to us and ask for money. We are now seeing that shift from people wanting to take our money to people wanting to co-invest. All of these companies are big investors in new sectors that were not in existence in Saudi Arabia. People are seeing the difference, from their perception of Saudi Arabia back in 2015.”

PIF have a hugely diverse range of investments with sport among those they have taken a keen interest in over the last few years as part of their Vision 2030. Golf, Formula 1, tennis, wrestling and boxing have all seen investment from PIF in recent times.

Of course, PIF also purchased an 80% stake in Newcastle United back in October 2021 and now own 85% of the club following Amanda Staveley and Mehrdad Ghodoussi’s departures during the summer. Al-Rumayyan, who is PIF’s Governor, was named chairman of the club upon the completion of the takeover three years ago.

Whilst PIF are set to cut back on their international spending, the Telegraph report that Newcastle United are not set to be impacted by this and will continue to have full backing of PIF as they aim to achieve their sky-high ambitions. Newcastle United currently sit 12th in the Premier League table and host Chelsea in the Carabao Cup tonight with a place in the quarter final up for grabs.