Key Takeaways
- Saudi Arabia’s PIF has sold its 70% stake in Al-Hilal for £276m and may quit LIV Golf.
- Club chiefs say Newcastle United are not part of the cut-backs and a big capital plan is still coming.
- Eddie Howe insists “business as usual” on Tyneside as team fight to climb from 14th place.
Saudi Arabia’s Public Investment Fund (PIF) is turning off the money tap for some sports, but Newcastle United will keep drinking, senior sources insist.
This week PIF governor Yasir Al-Rumayyan told Al Arabiya TV that every deal is under review because of war costs and tighter oil income. Hours later news broke that the fund had off-loaded its controlling stake in Saudi giants Al-Hilal for roughly £276 million. Rumours also swirl that LIV Golf could lose its backing.
The sudden sales feed fears that the sovereign wealth fund is retreating from global sport. Yet people close to PIF say the Newcastle purchase was always meant to stand alone. A planned delegation will still fly to Tyneside next month and club bosses have been promised fresh funds for infrastructure.
Newcastle, bought for £305m in 2021, is one of PIF’s smallest holdings but also its most hands-on, sources claim. Daily calls continue between St James’ Park and Riyadh, and a capital announcement is “in the pipeline”, insiders say.
Manager Eddie Howe, speaking before Saturday’s clash with Bournemouth, said he sees no slow-down. “Work on the new training ground and stadium upgrades is frantic,” he told reporters. “The owners’ hunger is clear every time we meet.”
Howe has already delivered Champions League football and last season’s League Cup, the club’s first major trophy since 1955. Despite a poor start that leaves them 14th, he says the long-term target of battling for the Premier League and European titles by 2030 remains.
Financial fair-play rules mean Newcastle cannot splash cash like Al-Hilal or LIV Golf anyway. Instead, the model relies on growing commercial income. Turnover has already jumped from £140m under Mike Ashley to £335m last season, helped by new sponsors and expanded facilities.
Fans waiting for concrete plans for a new or revamped St James’ Park may get news soon. Howe admits timelines are unclear, but stresses “hundreds of millions” have already gone into the academy, women’s team and day-to-day operations.
So while Saudi Arabia trims other sports bills, life on Tyneside goes on. “The future looks bright,” Howe said. “It’s not about if, it’s about when.”