Newcastle United will receive an injection of $80.6 million after being sold late last year.
In October 2021, a consortium led by the Public Investment Fund — Saudi Arabia’s sovereign wealth fund — purchased Newcastle for $409 million in an arduous and controversial sale.
Before the deal was completed, activists had called on the Premier League to consider Saudi Arabia’s alleged human rights violations, arguing that a deal would be sports-washing on the Saudi Kingdom’s behalf.
As a result, the consortium’s purchase was made separately from the Kingdom.
Newcastle is in the midst of a promising Premier League season, currently sitting third in the table behind Arsenal and Manchester City.
Before the PIF purchased Newcastle, Manchester United owners Kevin and Edward Glazer reportedly offered the PIF a 30% stake in the fellow Premier League club worth $787.7 million.
In 2019, PIF chairman Mohammed bin Salman expressed interest in Man U but denied any deal to be imminent. The PIF would purchase Newcastle for the promise of majority ownership.