Keith Wyness drops Newcastle spending power claim after PIF twist
Everton’s former chief Keith Wyness believes Newcastle United’s owners are cutting back on their investments and focusing on key projects.
Speaking on the new edition of Football Insider’s Inside Track podcast, the 66-year-old – who served as CEO at Goodison Park between 2004 and 2009 and now runs a football consultancy advising elite clubs – insisted Saudi Arabia’s Public Investment Fund (PIF) doesn’t have an endless flow of money.
PIF bought the north-east giants alongside the Reuben Brothers and PCP Capital Partners in a £305million deal in October 2021.
But Yasir Al-Rumayyan, who is Newcastle’s chairman and the governor of PIF, revealed last month (via The Financial Times) the sovereign wealth fund plans to scale back its international investments.
He said PIF, which has about £720billion worth of assets, intended to cut the proportion of funds invested overseas from 30 per cent down to between 18 and 20 per cent.
Newcastle owners to continue investing despite new spending plan
But Wyness insisted the Saudi-led ownership group will continue to invest in Newcastle where it can as the club considers plans for either redeveloping St James’ Park or building a new stadium altogether.
He told Football Insider‘s Inside Track podcast: “Let’s not forget the recent pronouncements coming from the PIF and from the main Saudi government.
“It does seem that the tap that everybody thought was going to be flowing forever with cash is certainly being slowed down, if not stopped in many areas.
“They are sticking to key projects. Luckily, I think Newcastle is one of those key projects.
“But certainly, it isn’t an endless flow of money that Newcastle can fit into.
“I think every pound is having to be justified around the new stadium and the project. I’m not saying they won’t go ahead, I think they will.
“But nevertheless, Saudi themselves have to justify internally the expenditure they might have once it goes ahead and is done.
“It will be done sensibly and I think they’ll support the club wherever they can.
“We will see where the squad is after Christmas and see what happens in January.”
In other news, Newcastle United’s January priority signing revealed.
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