Newcastle United’s owners the Saudi Public Investment Fund are looking at two specific markets in their bid to launch a multi-club network, TBR Football understands.
Since PIF took over from Mike Ashley in 2021, they have looked at dozens of teams as potential takeover targets who could act as sister clubs for the Magpies.
The Public Investment Fund already owns several Saudi Pro League sides, who have benefited from their unprecedented programme of investment in football in recent seasons. Those sides, however, are largely operationally separate from Newcastle United.
Newcastle United and PIF chairman Yasir Al-Rumayyan wearing club training wear
Photo by Richard Heathcote/Getty Images
In fact, several football finance experts consulted by this site have remarked on the fact that PIF’s investment in Saudi Arabia’s domestic game has been hugely beneficial to several of the North East club’s direct rivals, providing them with a lucrative place to rehome players for whom they otherwise would have struggled to offload. The Saudis’ decision to underwrite the TV deal for the Club World Cup meanwhile has been a huge financial win for Chelsea, Manchester City and 10 other European clubs too.
For their part, PIF have always maintained that they see their Premier League outpost in the North East as a traditional investment from which they will one day want a financial return. Conversely, most geopolitical analysts argue that Newcastle are effectively a billboard for the petrostate’s Vision 2030 initiative to diversify their economy away from oil towards the private sector and tourism.
Whatever their motives, the owners are hell-bent on making Newcastle a kingpin at home and in Europe.
As well as plans to build a new stadium next to St James’ Park that the mood music suggests could house 70,000 members of the Geordie Nation, Yasir Al-Rumayyan and his peers in PIF’s top brass insist that they will always spend to the absolute limit of domestic and European Profit and Sustainability Rules (PSR).
Yes, commercial and matchday income have boomed since the takeover four years ago, creating more PSR headroom. But Eddie Howe and his squad have augmented that growth with their success on the pitch.
Chart showing Newcastle United's revenue and squad cost since PIF takeover
Newcastle squad cost vs revenue graph Credit: Adam Williams/TBR Football/GRV Media
For the first few seasons under PIF ownership, they defied PSR gravity. But a second Champions League campaign in three seasons in 2025-26 gives them a platform for sustained success. While they will still generate less cash than all of the so-called Big Six even with European income next term, there is less appetite among those clubs – with the exception of Chelsea – to max out their PSR allowance.
The decision makers in the Gulf do, however, recognise that they will still need to box clever at this weight class. That has always meant significant investment in the areas exempt from PSR, such as infrastructure and the youth team.
The multi-club model falls into this category too.
🧵 The Crystal Palace sage is the tip of the iceberg. By my count, 16 Premier League clubs are part of some sort of multi-club network
Spurs, Wolves, Burnley, Fulham – if you don't see your club's name, your team has ties to another somewhere else in the world
Here are all 16🔽
— Adam Williams (@Adam___Williams) June 12, 2025
View Tweet
Before she left the club, one of Amanda Staveley’s briefs was to smoke out potential acquisitions for PIF in Europe – and potentially further afield too. She looked at clubs in the now-bankrupt 777 Partners network, which included Standard Liege, Red Star and Hertha Berlin. Newcastle’s owners have been linked with a takeover in Brazil too.
Though there have been scant updates in recent months, sources have told TBR Football that the search is still active.
PIF exploring takeover options in MLS and Scandinavia
Newcastle have opted for East Asia with their 2024 and 2025 pre-season tours, but they spent the previous summer in the United States, which is most clubs’ A1 commercial market outside the UK.
Now, TBR Football has been told that PIF are exploring the possibility of expanding their football operation in the US, potentially with an outright takeover of an MLS franchise.
This is likely a long-term vision, as desirable MLS clubs aren’t often up for sale. San Jose Earthquakes and Vancouver Whitecaps are currently on the market, but it is not known whether PIF have any interest in those teams specifically. What is understood, however, is that they would consider either a minority investment or an outright takeover at the right price, with MLS clubs trading between £500m and £1bn.
Sources have also told this site that Newcastle’s owners have also conducted due diligence on a potential acquisition in Scandinavia, which is attractive because of its infrastructure and talent supply.
The Newcastle United displayed prominently outside St James' Park
Photo by Serena Taylor/Newcastle United via Getty Images
There are ‘three or four’ other European clubs besides Newcastle looking at clubs in Norway, Denmark, Sweden and Finland, the source said.
They are looking for commercial exposure and, critically, a landing ground for Saudi Arabian playing talent. TBR Football understands that this push, which is part of their preparations for hosting the World Cup, is to have a ’19 per cent export’ of homegrown players based at professional clubs overseas.
Saudi Arabia have several memorandums of understanding with federations, leagues and clubs towards this end and the multi-club masterplan is the next step to penetrate more markets.
PIF are in it for the long haul on Tyneside and likely aren’t paying too much attention to what the market thinks about Newcastle’s own enterprise valuation at present.
However, reports earlier this month suggested that executives at St James’ Park expect that the club will be worth over £1bn once their new stadium is eventually up and running.
Speaking exclusively to TBR Football, University of Liverpool football finance lecturer Kieran Maguire concurs. “I would look at the main revenue generators,” said the Price of Football author.
“The stadium and commercial income are two areas where Newcastle are substantially behind the curve historically. How can that be addressed? They’re building a new stadium and buying into the hospitality and experience market with increased prices.
“Spurs fans have moaned about it but there aren’t many empty seats at Spurs. We have seen matchday revenue double since PIF took over.
“If two seasons in the Champions League becomes out of three, becomes three out of four, or even four out of five, those additional revenues can justify a £1bn valuation.
“It’s attractive to prospective owners of alternative assets and it’s incredibly lucrative. If one of those Champions League exercises turns out to be winning it, you have the potential benefits of the Club World Cup factored in too.
“I think Newcastle have had a significant step up in recent years and I still think there is scope to go further up.
“There were offers of £800m for West Ham a few years ago that were turned down and they didn’t qualify for the Champions League. Yes, they have the benefit of being in London and a readymade infrastructure asset with the stadium, which has plusses and minuses, but that valuation speaks to the fact that there’s no reason that £1bn mark isn’t easily achievable for Newcastle.”