PIF of Saudi Arabia in the acquisition of Toon

A consortium led by Saudi Arabia’s sovereign wealth fund PIF completed the £ 305 million ($ 415 million) acquisition of English soccer club Newcastle United on 7 October. This ends the ownership of business mogul Mike Ashley (MEES, May 31, 2019). PIF emerged as a potential candidate to buy the club in early 2020 (MEES, January 31, 2020).

The Premier League finally gave the green light to the acquisition this week after apparently receiving legal assurances that the Saudi state would not ultimately control the club. Those assurances are questionable considering that the president of PIF is none other than Crown Prince Muhammad bin Salman (MbS), the de facto leader of Saudi Arabia. (CONTINUED – 383 WORDS)

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