Sport

Newcastle United’s owners injects £70.4 million into Club

Newcastle United Football Club ownership group, comprising PIF, PCP Capital Partners, and RB Sports & Media, has further injected £70.4 million in equity into the Premier League club to upgrade infrastructure and for working capital needs.

The club confirmed the announcement in a statement that said the group’s total investment to date is now over £450 million.

Part of the statement said:

“The ownership group, comprising PIF, PCP Capital Partners, and RB Sports & Media, has invested a further £70.4 million of equity into Newcastle United FC. This investment brings the ownership group’s investment to date to over £450 million.”
The takeover: In October last year, the Saudi-led consortium ended Mike Ashley’s 14-year ownership of the Premier League club in a £300 million takeover deal, which is 80% funded by Saudi Arabia’s Public Investment Fund (PIF).

The £70.4 million injected into the Premier League side will provide additional capital to further financial investment in infrastructure and day-to-day operations. The further investment raises the total investment of the ownership group to over £450 million in a space of a year and a few months.

As expected, the club has seen an ‘upgrade of training facilities, improvements to St. James’ Park and recruitment of a number of senior executives to build out the commercial operations of the club, as well as vestment in the playing squad.’ The ownership group also promises further investments in the football club.

Previous investments: The Premier League side splashed £123 million in the summer transfer window and is flying high in the English Premier League. Newcastle is third in the Premier League table garnering 27 points from 14 games which puts them ahead of the likes of Chelsea, Manchester United, Liverpool, and Tottenham.

Darren Eales, CEO of Newcastle United, said:

“We are at the beginning of a long-term plan that aims to build a club that can compete consistently at the highest levels of English and European football.
“We need to develop the whole business, as well as the playing squad. And we need to do so while adhering to the Financial Fair Play rules. This additional investment further enables us to continue implementing the business plan.“

Treasure Orokpo

A multi-talented individual with a passion for diverse fields, Treasure Orokpo is a trained journalist, skilled cook, and AI enthusiast. When she's not uncovering the latest stories, you can find her whipping up culinary creations in the kitchen and entertainment.

Recent Posts

Latest update on fuel price hike, fuel scarcity for November 22nd, 2024

As Nigerians express their frustrations over the recent fuel price hikes by the Nigerian National…

4 hours ago

Full List of 80,000 delisted companies published by CAC

The Corporate Affairs Commission (CAC) has officially removed companies that failed to file their annual…

4 hours ago

Amended NDLEA Act: Senate approves life imprisonment for drug traffickers, rejects death penalty

The Senate on Thursday agreed with the House of Representatives' recommendation to replace the death…

4 hours ago

Monday Odigie steps down as Bendel Insurance coach

Monday Odigie, the coach of Bendel Insurance Football Club of Benin, has resigned from his…

5 hours ago

Lewandowski reflects on missed Manchester United transfer

Robert Lewandowski has reflected on the time he nearly joined Manchester United in 2012, only…

5 hours ago

Okoye reflects on Super Eagles return after two years

Maduka Okoye has reflected on his first appearance for the Super Eagles in two years.…

6 hours ago