Newcastle United to Find Saudi PIF as its New Majority Owner
Posted on 04/15/2020
Saudi Arabia’s Public Investment Fund (PIF) is leading an investor group to acquire the Newcastle United football club for £300 million from Mike Ashley, the U.K. billionaire retail entrepreneur in the sporting goods market. PIF is ponying up 80% of the all-cash deal. The other 20% is coming from PCP Capital Partners, with 10% coming from Amanda Staveley and the other 10% from David and Simon Reuben, two British property investors. Ashley has owned Newcastle since 2007.