Saudi Crown Prince Buys World’s Most Expensive Football Club
FILE PHOTO: Saudi Arabia's Crown Prince Mohammed bin Salman during a meeting with U.N Secretary-General Antonio Guterres at the United Nations in New York on March 27, 2018. REUTERS/Amir Levy/File Photo/File Photo
Football club Newcastle United has become the richest club in the Premier League after being bought by the Saudi Public Investment Fund for 300 million GBP.
According to the Daily Star, under the agreement, the Saudi Public Investment Fund has acquired ownership of the club. Prince Muhammad bin Salman is one of the largest shareholders in the fund.
The Saudi Public Investment Fund has bought 80% of the club’s shares. The remaining 20% will be split between Amanda Stevela’s PCP Capital Partners and British business figures Reuben Brothers.
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According to the report, the total wealth of the Saudi Public Fund is 320 billion pounds, which is many times more than the owners of any other club in the Premier League. Manchester City owner Sheikh Mansour bin Zayed al Nahyan is worth 23.3 billion pounds, while Chelsea owner Roman Abramovich is worth 9.6 billion pounds.
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Newcastle United is now more expensive than the Qatar-owned French club Paris Saint-Germain Football Club (PSG).
It should be noted that the Saudi Public Investment Fund is the largest independent fund in the world, which has invested in more than 200 domestic and foreign companies, including Tesla, luxury coastal resorts, General Electric.
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