Finance guru 'staggered' as Newcastle United owners PIF agree world-record seven-year deal
The Saudi Public Investment Fund’s latest financial deal outlines the Newcastle United owners’ staggering wealth.
That is the view of finance expert Doctor Dan Plumley, speaking exclusively to Football Insider about the world-record loan recently secured by the sovereign wealth group.
As relayed by Arab News last Wednesday (30 November), PIF have acquired £14billion in new funds as part of a seven-year unsecured agreement.
The deal is the largest of its kind in the corporate sector.
Newcastle, who are currently on a warm-weather training camp in their owners’ homeland, became the world’s richest club when they were bought by the PIF for £305m in October last year.
Plumley claims that the new agreement further illustrates PIF’s financial clout and is indicative of their aims in the world of sport and beyond.
Click below for exclusive transfer news
“It is further confirmation that they are on a different level to anything we have seen within the sport,” the Sheffield Hallam University expert told Football Insider’s Adam Williams.
“I think it shows their financial power and falls in line with their strategy in terms of trying to diversify their funding sources.
“They want to promote and get effective investment both into the country and out of the country in terms of their global interests.
“So, yes, it fits with the model and the numbers are staggering. It just shows how much their wealth outstrips anything else we have ever seen in football.”