Senior Saudi figure drops hint on Newcastle United 'enhancements' and brilliantly reacts to Premier League sponsor ban
Saudi Arabia’s finance minister has spoken about the £300million takeover of Newcastle United.
The club is now 80%-owned by the Public Investment Fund (PIF), the country’s sovereign wealth fund, with Amanda Staveley’s PCP Capital Partners and Jamie Reuben’s RB Sports & Media also having 10% stakes.
Staveley spoke about the consortium’s plans for the club after the Premier League finally approved the deal, and finance minister Mohammed Al-Jadaan has addressed the deal in an interview with CNBC Middle East.
“Obviously, this is a PIF investment, and, basically, as they said, they’re investing in the club, the community, and the academy and the stadium itself,” said Al-Jadaan. “It’s also touching the people and reaching out.”
Premier League clubs voted this week to temporarily ban commercial arrangements that involve pre-existing business relationships. This move was aimed at stopping Newcastle striking lucrative sponsorship deals with Saudi companies.
Asked about the move, Al-Jadaan said: “I don’t know the technicalities of the association.
"But I would say if people are worried about competition amongst clubs, and particularly now that we have invested in one of them, possibly that’s a good sign, that’s a potential serious competitor coming their way, which is good for the whole football community.”
Asked if he thought Newcastle, 19th in the Premier League, would win their next game, Al-Jadaan said: “I hope they will, (although) I don’t follow football.
"I wish they would see the ambition come through, and I’m fairly confident with investment coming their way, and the community and the stadium, I think we will see an enhanced club.”