Saudi PIF closes in on Newcastle United acquisition

(MENAFN- Daily News Egypt) A consortium led by Saudi Arabia's Public investment Fund (PIF) is close to acquiring one of the English Premier League's most prestigious teams, Newcastle United.

London-based newspaper, The Daily Mail, noted that the Premier League officials are preparing to announce the new deal after they agreed to its completion.

The newspaper added that an official decision on the Saudi Acquisition is expected this week, indicating that the deal will cost the Saudi side a total of £300m.

The fund is to acquire an 80% stake in the North-Eastern team, with broker Amanda Staffelli and the Robin Brothers, each receiving 10%.

The deal has faced doubts and uncertainty in the recent period, after the World Trade Organization (WTO) decided in favour of Qatar in a dispute with Saudi Arabia regarding intellectual property rights. The case concerned beoutQ's alleged illegal streaming of sporting events using content from Qatar's BeIN sports network.


Daily News Egypt

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