NEWCASTLE’S owners have announced they have bought four new Saudi Arabian clubs.
The Public Investment Fund, who control an 80 per cent stake at St James’ Park, have acquired Al Ittihad, Al Ahli, Al Nassr and Al Hilal.
The PIF holds 75 per cent ownership of each team with respective non-profit foundations holding the other 25 per cent.
The Public Investment Fund tweeted the following statement: “As part of today’s announcement of the Sports Clubs Investment and Privatization Project, four Saudi clubs – Al Ittihad, Al Ahli, Al Nassr, and Al Hilal – have been transformed into companies, each of which is owned by #PIF and non-profit foundations for each club.
“Existing members of each club will be included in the four foundations.
“PIF is working closely with @gsaksa_en on all the necessary regulatory procedures to complete the clubs’ transfers to their new structures as newly founded companies alongside non-profit foundations.
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“PIF’s ownership in the clubs’ companies represent 75% in each club, while their respective non-profit foundations hold 25% ownership of each club.
“The transfer of the four clubs will unleash various commercial opportunities, including investment, partnership and sponsorships across numerous sports.”
This comes after Newcastle qualified for the Champions League for the first time since 2003.
The Toon finished fourth in the Premier League after an impressive season under manager Eddie Howe.
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The PIF is expected to back Howe in the upcoming summer transfer window.
Newcastle have been linked with the likes of Arsenal’s Kieran Tierney, RB Leipzig’s Dominik Szoboszlai, Southampton’s James Ward-Prowse and Leicester’s James Maddison.
The Magpies are also looking to offer Bruno Guimaraes a £200,000-a-week deal, which will make him the club’s highest-paid star ever, amid interest from Barcelona.
Source: Soccer - thesun.co.uk
