It’s been nearly a century since the Premier League club Newcastle United won a league title. But after decades of middling soccer, the club got a massive boost to its fortunes – literally and figuratively – from their new owners today.
On Thursday, Newcastle United was officially purchased by the Saudi Arabia’s Public Investment Fund (PIF), a consortium of businessmen including Saudi Arabia crown prince Mohammad bin Salman. According to the Telegraph, the PIF paid 305 million pounds (~$415.4 million) to acquire the club.
Newcastle’s now-former owner Mike Ashley had been trying to sell the club for years. Meanwhile, the club has been relegated twice since 2009 and has not finished in the top 10 in the Premier League more than two straight years in over 15 years.
So when Newcastle United fans finally learned that they’d be getting new owners – obscenely wealthy ones at that – their excitement was off the charts. There was actual partying in the streets by Newcastle fans a short while ago:
Premier League club Newcastle has been acquired by Saudi Arabia’s sovereign wealth fund for $400 million.
With $500 billion in assets, Newcastle’s new owners have more money than all the other premier league clubs combined.
The fans seem pretty happy.pic.twitter.com/SXyvt0bOGr
— Joe Pompliano (@JoePompliano) October 7, 2021
The PIF have over $500 billion in combined assets. They will surely put at least some of it towards bringing the club out of the doldrums.
Rear picture of Newcastle united hijacking Mbappe from Real Madrid 😂 pic.twitter.com/uEfZdxDDwD
— 𝚃𝙾𝙻𝙸𝙱 𝙾𝚈𝙴𝙻𝙴𝙺𝙴 (@Oye440) October 7, 2021
A new start with an ambitious Newcastle United 🙌🏾 You deserve it more than anyone 🤝 Enjoy ❤️ https://t.co/TOivKmXW9g
— Allan Saint-Maximin (@asaintmaximin) October 7, 2021
LEAKED – Mike Ashley and friends celebrate the sale of Newcastle United… pic.twitter.com/Aa3mytYNwN
— SopranoSoccer (@SoccerSoprano) October 7, 2021
Etihad when Newcastle United wins the Champions League before ManCity. 😭💀 pic.twitter.com/I0vGvvJWKD
— IG: TeamMessi.30🇵🇰 (@teamMessi102) October 7, 2021
One graphic shows just how huge of a wealth disparity there is between Newcastle United and the rest of the Premier League:
Here’s a good visual showing Newcastle’s wealth in comparison to other Premier League clubs.
(h/t @Jlewy26) pic.twitter.com/51kUKbKQIl
— Joe Pompliano (@JoePompliano) October 7, 2021
Newcastle United were founded in 1892 and won four First Division titles between 1905 and 1927. They’ve finished second in the Premier League twice and have won the FA Cup six times.
It’s the start of a new era at St James’ Park at Newcastle upon Tyne. The only question now is how quickly they’ll be able to regain the glory they’ve chased for decades.
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