In a week that PIF descended on Tyneside, Newcastle United are breaking their transfer record to sign Nick Woltemade.
Newcastle United are set to sign Woltemade from Stuttgart, with the striker arriving in the North East on Thursday night.
The 23-year-old will become Newcastle’s most expensive signing ever, potentially costing £69million with add-ons. That will eclipse the £63million deal that brought Alexander Isak to St James’ Park in the summer of 2022.
It is a deal that has come completely out of the blue for Toon fans, but further proof that business gets done when Toon chairman and PIF chief Yasir Al-Rumayyan is in town.
Yasir Al-Rumayyan and Jamie Reuben in attendance at St James' Park for Newcastle United vs Liverpool.
Photo by Stu Forster/Getty Images
Newcastle United copy Alexander Isak deal with Nick Woltemade pursuit
On 21st August 2022, Newcastle United drew 3-3 with Manchester City. Al-Rumayyan was at St James’ Park for that game, watching Eddie Howe’s side play out a classic against Pep Guardiola’s men.
On that day, Callum Wilson scored and suffered an injury. It was a major blow for the Magpies, and one that forced Al-Rumayyan into action. Newcastle needed another striker, and he was ready to write the cheque.
Five days later, Newcastle United smashed their transfer record to sign Alexander Isak from Real Sociedad. It was a major deal that was completed swiftly. By the time the media found out, the transfer was pretty much done.
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Al-Rumayyan’s presence at St James’ Park a few days earlier had accelerated proceedings, as he greenlit a club-record deal worth £63million.
The same situation has played out in 2025. On Monday, Al-Rumayyan watched Newcastle lose to Liverpool. By Thursday night, a deal was agreed to make Woltemade the most expensive player in the club’s history.
🇸🇦 NUFC chairman Yasir Al-Rumayyan waits for Eddie Howe on full-time, with co-owner Jamie Reuben
🇸🇪 Moves being made to persuade Alexander Isak to stay & play today pic.twitter.com/8dVBwTBdVx
— Craig Hope (@CraigHope_DM) August 25, 2025
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Nick Woltemade will not be PIF’s most expensive signing ever
While Woltemade is becoming Newcastle’s most expensive signing ever, it is not the most expensive PIF transfer.
That came in the Saudi Pro League when Al-Hilal bought Neymar from Paris Saint-Germain for £78million.
After that comes the Woltemade deal, costing the Magpies a whopping £69million with add-ons.
Next on the list of PIF signings is Jhon Duran to Al-Nassr, followed by Isak’s move to Newcastle United.