Saudi Arabia’s interest in Newcastle has prevented the kingdom from supporting an acquisition of Manchester United. #Newcastle #Manchester #SaudiArabia #Kingdom
Last year, Newcastle was the target of a Saudi-financed consortium buyout, with Public Investment Fund (PIF), the nation’s sovereign wealth fund, obtaining an 80% stake to become the majority shareholders at St. James’ Park.
PIF is estimated to be worth £320 billion, making them almost 13 times as wealthy as the owners of Manchester City. However, because they already own a majority stake in Newcastle, they would be unable to purchase United from the Glazers.
Due to Saudi Arabia’s human rights record, Newcastle’s acquisition has also been under intense scrutiny and accusations of sports washing, which has prompted calls for the Premier League to amend its owners’ and directors’ criteria.