Kieran Maguire issues ‘luxury’ Newcastle United claim as £78m deal agreed
The Saudi Public Investment Fund want to turn Newcastle United into a “luxury” brand in line with their other blue-chip investments.
That is the view of finance guru Kieran Maguire, speaking exclusively to Football Insider about the sovereign wealth fund’s latest acquisition in the United Kingdom.
As relayed by Sky News last Friday (15 July), PIF are set to become the largest individual shareholder in iconic Warwickshire-based car brand Aston Martin.
The deal consists of an initial £78million investment from PIF amid a wider £653m fundraising initiative.
The news comes 10 months after the controversial investment group acquired Newcastle for £305m with the promise of transforming them into one of the world’s biggest clubs.
Maguire claims that PIF’s strategy in a business context is to turn the Magpies into a prestige brand.
“There is a desire from the Saudi government to reduce dependency on carbon-based products,” he told Football Insider’s Adam Williams.
“The purchase of luxury brands like Aston Martin makes sense. In an ideal world, they want Newcastle to become a luxury brand in terms of them being regularly in the Champions League.
“So, we can see why this is broadly in line with the wants and aims of the organisation.”
PIF recently gave the nod for Newcastle to appoint Darren Eales as chief executive.
He joins from MLS side Atlanta United where he oversaw a period of success on the pitch and in the commercial department.
In other news, Newcastle United told by pundit to sign striker better than Ivan Toney after journalist’s £40m reveal.