Newcastle owners buy four new clubs
Newcastle’s owners have announced acquisition of four new Saudi Arabian clubs.
The new clubs purchased by the Public Investment Fund, who control an 80 per cent stake at St James’ Park includes Al Ittihad, Al Ahli, Al Nassr and Al Hilal.
The new deal indicates that the PIF holds 75 per cent ownership of each team with respective non-profit foundations holding the other 25 per cent of the stakes.
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.
“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.”
The PIF’s investment since buying Newcastle saw the team qualifying for the Champions League for the first time since 2003.
Newcastle finished fourth in the Premier League after an impressive season under manager Eddie Howe.
