Keith Wyness drops verdict on PIF potentially selling Newcastle after quitting LIV Golf
PIF have no plans to sell Newcastle United after confirming they would pull funding for LIV Golf.
That is according to former Everton chief executive Keith Wyness, speaking to Football Insider, who believes the PIF were right in their decision to withdraw their backing for LIV Golf.
Newcastle chairman Yasir Al-Rumayyan has also stepped down from the board of LIV Golf, with the league now looking for new investment.
Manager Eddie Howe believes that the PIF's commitment to Newcastle remains as strong as when they first took over the club after he met Al-Rumayyan and senior figures last week.
The PIF have ambitious plans to grow Newcastle's revenue and ensure the club competes at the top of European football, with chief executive David Hopkinson wanting them to achieve that aim by 2030.
PIF have room to continue to grow Newcastle
Everton’s former chief Keith Wyness – who served as CEO at Goodison Park between 2004 and 2009 and now runs a football consultancy advising elite clubs - states that Newcastle is a "completely different situation" than LIV Golf.
Speaking on the new edition of Football Insider‘s Inside Track podcast, Wyness believes that the PIF have no desire right now to entertain offers to sell Newcastle.
| Total Turnover | £335.3m |
| Matchday Income | £56.1m |
| Commercial Revenue | £120.1m |
| Wages | £343m |
He told Football Insider‘s Inside Track podcast: "With LIV Golf, the PIF were quite correct to pull the plug on that.
"It was losing a lot of money for them, and wasn't working out as they expected. They couldn't get the broadcast deals right. Newcastle is a completely different situation in terms of being an investment.
"It's actually appreciated in value and I don't see PIF leaving Newcastle at all despite some of the headlines and stories that were going around. To me, they're not connected and there's still room and mileage to go.”
Eddie Howe remains under pressure despite owners backing
Following Newcastle's annual meeting, it was revealed that the club would be sticking by Howe as manager going into next season.
Wyness told Football Insider that Howe will have been told that this season has been unacceptable for Newcastle, and that his job could still be under threat.
Howe will be a key figure overseeing Newcastle's recruitment this summer, with players set to depart the club, and he needs to ensure that his squad is capable of challenging for Europe next season.
The Magpies will miss out on European revenue next season, and that could also have an impact on signing and retaining players in the transfer market.