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Giant Saudi sovereign fund teams with PCP Capital for Newcastle United Football Club takeover

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One of the world’s biggest sovereign wealth funds has teamed with PCP Capital Partners to buy British football club Newcastle United.

PIF, the $430bn sovereign wealth fund of Saudi Arabia, has also partnered with Reuben Brothers arm RB Sports & Media for the deal.

Yasir Al-Rumayyan, governor of PIF, will serve as non-executive Chairman of Newcastle United, while PCP chief exec Amanda Staveley will have a seat on the board.

The 129-year-old football club was a major force between 1900 and the second world war, and had a resurgence in the mid-1990s as one of the Premier League’s top clubs.

Newcastle have been back in the English top flight since 2016, but have failed to finish above the half-way mark in the league in that time.

Al-Rumayyan said, “We are extremely proud to become the new owners of Newcastle United, one of the most famous clubs in English football.

“We thank the Newcastle fans for their tremendously loyal support over the years and we are excited to work together with them.”

PCP’s Amanda Staveley added, “This is a long-term investment. We are excited about the future prospects for Newcastle United.

“We intend to instill a united philosophy across the club, establish a clear purpose, and help provide leadership that will allow Newcastle United to go on to big achievements over the long term.

“Our ambition is aligned with the fans – to create a consistently successful team that’s regularly competing for major trophies and generates pride across the globe.”

Boutique buyout house PCP was launched in 2005. Staveley was previously involved in the Sheikh Mansour takeover of Manchester City in 2008.

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