Newcastle United chairman Yasir Al-Rumayyanplaceholder image
Newcastle United chairman Yasir Al-Rumayyan | Getty Images
Newcastle United’s owners, the Public Investment Fund of Saudi Arabia, are set to sell their stake in one of its Saudi clubs.
The Public Investment Fund of Saudi Arabia is close to selling its stake in one of its Saudi Pro League clubs, Yasir Al-Rumayyan has revealed.
Less than a year after completing its £305million takeover of Newcastle United, PIF acquired a 75% stake in Al Ahli, Al Ittihad, Al Hilal and Al Nassr, with the other 25% controlled by a non-profit organisation.
The Saudi Pro League has since exploded onto the global scene, with many high-profile players swapping Europe for the Middle East. As part of a long-term strategy, PIF has been moving towards the privatisation of those four aforementioned clubs, with one club days away from achieving that status.
“Yes, there are ongoing negotiations and we expect, god willing, to announce the sale of our stake in one of the clubs,” Al Rumayyan confirmed to Al Arabiya English.
Sources in the Middle East have suggested Al Hilal is the club in question but Al-Rumayyan remained tight-lipped, teasing an official announcement before the end of the week: “You will find out in the next two days!”
UEFA rules block Newcastle United from doing business with PIF-linked clubs
While Premier League financial rules allow Newcastle to make a profit from dealings with those PIF clubs, UEFA rules do not.
“It doesn't stop us doing business. What it means is if we make a profit, it doesn't count,” Newcastle chief financial officer Simon Capper confirmed recently.
“We sell a player that's worth a pound for £10million and make a profit of £9.999million in the Premier League but make a profit of zero in UEFA. We just don't get a profit.
“[Other clubs doing lucrative business with Saudi clubs] is some frustration for us. Our competitors can sell a player to a Saudi club for massive profit and bank that for their various compliance calculations.”
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