Thursday, October 7, 2021

Saudi Arabia's Public Investment Fund to become the owner of Newcastle United


PIF, the world's largest sovereign wealth fund (state-owned investment), failed to pass the Premier League's owners' and directors' test [in 2020], creating an impasse which has been resolved following intensive talks in recent weeks.

Officially, the Premier League has privately indicated they are now satisfied the consortium has provided proof the Saudi state would not have control of Newcastle.


Another barrier preventing the Saudi-led group from taking over Newcastle United was also lifted Thursday: A broadcasting complaint from neighboring Qatar’s Middle Eastern Premier League rights holder beIN Sport, demanding Saudi Arabia lift its four-year ban on the sport channel.

The ban, related to the Gulf kingdom’s now-resolved blockade of Qatar, is now lifted, allowing Premier League, UEFA and FIFA matches to air again. Saudi Arabia has also promised to close pirate websites in the kingdom that showed beIN content without the broadcaster’s consent.