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.“