(Credit: Imago)

James Murray

Mon 20 April 2026 18:15, UK

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Newcastle United’s owners don’t have the appetite to spend “aggressively” after an update has emerged around LIV Golf. 

That is according to former Manchester City financial adviser Stefan Borson, who exclusively told Football Insider the Saudi Public Investment (PIF) has been conservative with its approach at St James’ Park.

The sovereign wealth fund took over Newcastle in October 2021 after agreeing a £305million deal with former owner Mike Ashley, but the group hasn’t spent as heavily as many people expected. 

In a new development, The Athletic reported on 15 April PIF is considering pulling funding for LIV Golf, which was launched in 2022 in an attempt to overthrow the US-based PGA Tour. 

The reports have raised questions around PIF’s investment in Newcastle, with the rebel league run by the club’s chairman Yasir Al-Rumayyan. 

What Newcastle owners will say about their lack of spending

Newcastle agreed a training ground and sleeve sponsorship deal with KNOX Hydration earlier this month. 

However, there was some surprise PIF decided against using its Saudi connections to agree a new partnership, potentially bringing in more revenue for Eddie Howe’s side. 

Speaking exclusively to Football Insider, Borson discussed what PIF potentially pulling out of LIV Golf could mean for Newcastle moving forward.

“It’s one to watch,” said Borson.

“The signs are not good for aggressive spending. They haven’t aggressively spent anywhere near what they spent on LIV Golf at Newcastle anyway.

“They will say, ‘Well, we were restricted because of PSR and now SCR’. But the reality is that they’ve been relatively conservative in the way that they’ve approached it.”

What sponsor deal says about Newcastle owners’ spending

Borson suggested PIF may be reluctant to spend big at St James’ Park despite previous expectations the ownership group were going to back the club heavily. 

“We spoke last week about the new training ground sponsor not being Saudi-related,” said Borson.

“That’s interesting in itself. I just don’t think PIF have got the appetite to invest in the way that probably a lot of people thought they might.

“They certainly did a brilliant job with the sort of bang per pound that they put in for the first initial tranches.

“They got the business and the club itself for a very good price. They spent really well in those early years.”