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Newcastle United’s owners, the Public Investment Fund of Saudi Arabia, has announced a new five-year investment strategy.
The Public Investment Fund of Saudi Arabia remains committed to Newcastle United as it reportedly prepares to pull its multibillion-pound investment in LIV Golf.
PIF is understood to have invested around 3.7billion into LIV Golf following its launch in 2021, the same year they completed their £305million takeover of the Magpies. Huge losses have been reported, with LIV Golf CEO Scott O’Neil admitting in February that it would not be profitable for another five to 10 years.
The Financial Times broke the story after PIF announced on Wednesday a new five-year investment strategy as it ‘takes stock of a decade-long spending splurge at home and abroad.’
Newcastle United chairman Yasir Al-Rumayyan reveals PIF plans
Yasir Al-Rumayyan, Newcastle’s chairman and governor of PIF, said: “PIF’s strategy continues to deliver results as we grow domestically and internationally.
“In less than a decade, we have launched unprecedented projects, including giga-projects and major real estate developments, in addition to unique investments in strategic sectors such as artificial intelligence, gaming and esports, and renewable energy. PIF also grew assets under management six-fold and attracted global partners and capital to take part in Saudi Arabia’s transformation.
“PIF will continue to support Saudi Vision 2030 objectives by delivering competitive domestic ecosystems, investing in national champions that have the potential to scale globally, and forming global economic partnerships, building on what has been achieved under PIF’s 2021-2025 strategy.
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“The 2026-2030 strategy is a natural next step in PIF’s growth journey. It offers our partners more opportunities to invest in high-quality assets and ecosystems, alongside PIF.
“In the next five years, we will continue to build on our great achievements and strengthen our global leadership to deliver success for PIF and Saudi Arabia.”
PIF stance on Newcastle United
Suggestions that PIF will walk away from golf or, at the very least, reduce its investment, has led to internet chatter on what it means for Newcastle United.
It’s believed PIF remains committed to the Magpies and is aligned with CEO David Hopkinson’s aim of being one of the top clubs in the world by 2030.
“You’re talking about a fund where, the last time I looked, it had £1.2trillion of investments,” Hopkinson said in December. “This is a major, major global player. But I truly believe in my heart of hearts that we are their favourite investment.
“I think we take up so much of their shared mind and heart, way more than would be warranted given the size of the investment. I feel like we’re a special investment to them. I feel that, not because they tell me that, but because they show me that. I’m talking to the PIF every single day.
“The question about PIF is a good one – it was one of my questions during the recruitment. There are always different types of ownership – some are deeply connected, at every single match, every single day, others are much more hands off and just see it as an investment. This group at the PIF is very much in the former camp. It’s every single day.”
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