Finance guru: Newcastle United ‘over the moon’ amid ‘incredible’ Russian finance news
Newcastle United will be “over the moon” if Saudi Arabia sees a direct benefit from the West’s move away from Russian oil.
That is the view of finance expert Doctor Dan Plumley, speaking exclusively to Football Insider about how the Magpies’ are likely to profit from their owners’ ballooning profits.
Newcastle were catapulted to extreme riches following the Saudi Public Investment Fund’s £305million takeover in October last year.
The PIF’s assets are estimated to be worth close to £500billion in total, and global economic forces may mean that figure is soon set to swell.
Per the Arab Times last Sunday (21 August), the International Monetary Fund projects that Gulf states will rake in an extra £1.1trillion in the next four years as the West becomes less reliant on Russian oil.
Plumley explains why Newcastle will likely benefit from the “incredible” forecasted upturn.
“We know they aren’t short of money but any extra could theoretically be pushed into Newcastle,” he told Football Insider’s Adam Williams,
“In terms of sport at the moment, we know they are their flagship operation. It stands to reason that if there is more money coming in, you can divert more into other investments.
“There are caveats areound FFP, but a wealthy PIF is good for Newcastle. I’m sure they’ll be over the moon if the Gulf states do see this incredible level of upturn.”
Newcastle travelled to Saudi Arabia to play a friendly match in January.
They are also exploring commercial opportunities in the region.
In other news, expert issues Callum Wilson claim after £58m confirmed news from Newcastle United.