Saudi Arabia’s Public Investment Fund has acquired 70% of chemical manufacturing company SABIC (Saudi Basic Industries Corporation), with the deal set to unlock new capital for the consortium.
The sovereign wealth fund seeks to diversify the Kingdom’s economy and become a global investment partner of choice, and it’s why they want to own 80% of Newcastle United.
However, passing the Premier League’s Owners’ and Directors’ Test has proven herculean, with the World Trade Organization ruling that Saudi was behind pirate satellite TV beoutQ.
It remains to be seen how that will influence the Premier League’s verdict on the Newcastle takeover, but PIF won’t be giving up anytime soon, with many predicting a drawn-out legal battle should their £300 million bid get knocked back.
Magpies fans are hoping the Saudi consortium succeed with their takeover bid, and some of them took to Twitter to react after PIF secured the majority shares of SABIC:
— Newcastle United Times (@Newcastle_Times) June 17, 2020
How I wish this was newcastle
— Justin Caruana (@justincaruana98) June 17, 2020
Excellent work PIF 🙂
— The Conatus (@NaderDroid) June 17, 2020
— MarkDNUFC84 (@MarkDNUFC84) June 17, 2020
Guys come on
— Alan Armstrong (@Alan_Armstrong7) June 17, 2020
I genuinely thought #nufc
— Lennon Scott (@lennonscottt) June 17, 2020
still waiting for the successful deal for Newcastle United 🙏
— ToonBarmy2 (@Barmy2Toon) June 17, 2020
— Ben (@Forbsey67) June 17, 2020
— س ع د الهذلي (@darke30) June 17, 2020
PLEASE BUY NEWCASTLE, don't let us fall in to the hands of the infidels! #WeKnowMaurissIsAQatariSPY
— Alexis Walshinho (@AWalshinho) June 17, 2020
The PIF is among the largest sovereign wealth funds on the planet with total estimated assets of $320 billion, and Newcastle have been tipped to spend up to £150 million this summer if the Amanda Staveley-led bid goes through.
The academy, playing squad, St. James’ Park and the training facilities are also set for major upgrades should the Saudis succeed with their £300 million takeover bid, and all eyes are on the Premier League after the WTO released their report yesterday.