Football News: PIF Targets Multi-Club Plan After ‘Huge Issues’ at Newcastle United
In a dramatic turn of events, it has been suggested that the Public Investment Fund of Saudi Arabia (PIF) are plotting a ‘takeover’ after facing ‘huge issues’ at Newcastle United.
At the end of 2021, PIF completed its takeover of Newcastle United, ending Mike Ashley’s ill-fated tenure at St James’ Park. This deal overnight transformed Newcastle into one of the richest clubs in the world. However, the Premier League’s decision to sanction this takeover was criticized by some due to Saudi Arabia’s poor human rights record.
The Challenges Faced by PIF at Newcastle United
Despite the controversy, the club and town have been major beneficiaries as morale is on the rise. Newcastle have invested heavily in recent transfer windows and surpassed expectations to qualify for the UEFA Champions League ahead of the 2023/24 campaign.
Nonetheless, according to a report from Football Insider, which includes quotes from finance expert Stefan Borson, PIF are ‘plotting a takeover after facing huge issues at Newcastle United’. It is noted that ‘Newcastle’s owners will not have expected to be targeted by strict associated party rules as they have been’ and ‘want to develop a multi-club network’.
“I think the plan at Newcastle is to have a multi-club network,” Borson told Football Insider. “They’ve faced huge issues in England – bigger than they probably expected because of the associated party rules. It probably came as a bit of a surprise that they were targeted so much by those rules and it’s something they could have seen as a risk.”
PIF’s Pursuit of a Multi-Club Network
Despite these challenges, Newcastle’s owners have managed to boost their sponsorship income by securing Champions League qualification earlier than expected. However, the report suggests that PIF will now look to ‘develop their idea by purchasing multiple clubs’ in the wake of the ‘issues’ they have faced at Newcastle United.
As the football world watches closely, the future of Newcastle United and PIF’s broader ambitions remain a captivating narrative in the ever-evolving landscape of the beautiful game.
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