Yasir Al-Rumayyan, the chairman of Newcastle United, participated in the Global Investment Summit, where he discussed the significant impact of the Public Investment Fund’s (PIF) takeover of the club. Despite being one of the fund’s smaller investments, Al-Rumayyan highlighted that the acquisition has made one of the “biggest impacts.”
The PIF, with assets exceeding $700 billion, acquired an 80% stake in Newcastle United in 2021 when the club was struggling with relegation. Over the past two years, the Magpies, with a £305 million investment, have progressed to competing in the Champions League and challenging at the upper echelons of the Premier League.
While more than £400 million has been spent on new player signings since the takeover, Al-Rumayyan noted that this amount is dwarfed by the funds allocated to LIV Golf, as Newcastle adheres to stringent Financial Fair Play regulations. This was discussed during a session chaired by Chancellor Jeremy Hunt at the Global Investment Summit held at Hampton Court Palace.
During the summit, Al-Rumayyan emphasized the PIF’s diverse investments, including those in Aston Martin, McLaren, and Newcastle United. He highlighted the club’s impact despite being a comparatively smaller investment within the PIF portfolio.
Addressing the broader investment landscape, Al-Rumayyan expressed the PIF’s interest in moving beyond traditional financial centers like London. He emphasized the value derived from investing in various companies, technologies, and people, forming joint ventures and bringing expertise back to their home country.
While Newcastle’s association with Saudi Arabia has faced scrutiny due to human rights concerns, Al-Rumayyan’s participation in the summit reinforced the close ties between the UK and the Kingdom. Notably, he engaged with King Charles III and Prime Minister Rishi Sunak at a reception held at Buckingham Palace during the same week.
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