Newcastle United Leapfrog PSG to Become World's Richest Club After Saudi Takeover
11:38 GMT 08.10.2021 (Updated: 11:43 GMT 10.12.2022)
© REUTERS / LEE SMITH
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Before the Saudi Arabia Public Investment Fund (PIF) announced its purchase of struggling Newcastle United, French powerhouse Paris Saint-Germain (PSG) had the richest owners in football history. The Qatar Investment Authority, which owns the Ligue 1 club, are currently valued at a staggering $299 billion.
The $415 million takeover of Newcastle United by Saudi Arabia's PIF has officially transformed The Toon into the richest club on the planet.
The deal has not only drawn the curtain on British billionaire Mike Ashley's much-maligned 14-year reign over Newcastle, but is expected to pave the way for some big spending on future signings.
Just like Newcastle, Manchester City was a mediocre side before Sheikh Mansour, the ultra rich deputy prime minister of the United Arab Emirates (UAE), decided to acquire the club in 2008.
The deal has not only drawn the curtain on British billionaire Mike Ashley's much-maligned 14-year reign over Newcastle, but is expected to pave the way for some big spending on future signings.
Just like Newcastle, Manchester City was a mediocre side before Sheikh Mansour, the ultra rich deputy prime minister of the United Arab Emirates (UAE), decided to acquire the club in 2008.
Since then City have never looked back and although they are yet to claim the Champions League title - the club's ultimate goal – they have won the Premier League five times since 2011.
Surprisingly, the fortune of Newcastle's new owners is nearly 11.5 times more than Mansour, who is worth $28.60 billion.
The Saudi purchase was also backed by the Magpies' fans as they celebrated the exit of the unpopular Ashley on the streets. Yasir Al-Rumayyan will now become the new executive president of the club.
The PIF had been trying to purchase the English club since last year but failed in its efforts as the Premier League blocked the deal for a number of reasons, including allegations of improper conduct and sports washing.
Surprisingly, the fortune of Newcastle's new owners is nearly 11.5 times more than Mansour, who is worth $28.60 billion.
The Saudi purchase was also backed by the Magpies' fans as they celebrated the exit of the unpopular Ashley on the streets. Yasir Al-Rumayyan will now become the new executive president of the club.
The PIF had been trying to purchase the English club since last year but failed in its efforts as the Premier League blocked the deal for a number of reasons, including allegations of improper conduct and sports washing.
