£2bn PIF takeover could be great news for Newcastle United amid ‘deal of the century’ claim

Newcastle United have outperformed in their bid to break up the Premier League orthodoxy since the Saudi Public Investment Fund’s takeover in October 2021.

In three-and-a-half seasons at St James’ Park, PIF have seen Newcastle turn from also-rans to a sustained presence in the top third of the Premier League table and a genuine contender for silverware. In 2024-25, they will likely qualify for the Champions League for the second time under Saudi ownership and a first trophy, the League Cup, for 70 years.

Whichever way you cut it, they are ahead of schedule. Profit and Sustainability Rules (PSR) were always going to be a millstone and the Public Investment Fund were well aware that their first major investment in football finance would be a slower burn than fellow Gulf state-backed Manchester City’s was nearly two decades earlier. Smart recruitment, investment in infrastructure and scaling the commercial department were always going to be fundamental to this project.

They could hardly have recruited and – crucially – retained any better. There have been very few misses in the transfer market, with both the more high profile signing and the yellow-sticker arrivals delivering for Newcastle. For every Alexander Isak, there has been a Dan Burn.

PIF have also managed the budget and the culture at St James’ Park so that they have the PSR headroom and the sense of common vision within the squad to tie players down who, in previous eras, might have been destined for a ‘Big Six’ club.

And with Newcastle pressing ahead with plans for a new stadium, the financial future is bright, though vacating St James’ Park – even for a new stadium within spitting distance – will be a seismic and emotional moment for the Georgie nation.