In December, according to Palco23, Saudi Arabia’s Public Investment Fund (PIF) invested a further €18 million in Newcastle United FC.
The PIF purchased 80 percent of the Premier League club a few years ago for something like €300 million, according to what Palco23 calls “sources near the operation,” and it has since invested another €517.5 million or so. In October 2021, for instance, it spent €105.2 million to clean up the club’s books. The total outlay now exceeds €800 million.
Heading up the purchase of the majority stake for the PIF-backed consortium was the British businesswoman Amanda Stavely, who had tried and failed to purchase the club from Sports Direct founder Mike Ashley. For her trouble Stavely retained a 10 percent stake – later reduced to 6 percent – and became the club’s director, among other things helping to develop its women’s team. She resigned and sold her stake in the second half of last year. This month, according to Newcastle World, she has become an advisor to the Saudi Arabian Football Federation for the 2034 World Cup.
