Newcastle might be the richest Club in the Premier League soon
Newcastle United have a new owner and he’s reportedly worth £260 Billion! Making the club top of the Premier League rich list.
For Newcastle United supporters, after 13 long years, there is finally light at the end of the tunnel after crawling through the muck of the Mike Ashley regime.
Toon Twitter has been awash with fans declaring it the time for ‘cans’ in celebration of the Sports Direct tyrant finally relinquishing power at St James’ Park, and, on paper, the good news doesn’t stop there.
The prospective new owners – a consortium backed by Saudi Arabia’s Public Investment Fund – are on the cusp of tying up a £300million deal that would rocket the club to the top of the Premier League financial charts.
The PIF’s worth is estimated at £320billion, making them comfortably the wealthiest owners in the top flight. Even Manchester City’s owners from Abu Dhabi and Roman Abramovich at Chelsea cannot compete with that.
The prospective new chairman – Yasir Al-Rumayyan – has previously stated the fund want to turn that into £2trillion within the next 30 years – a target they feel is very much achievable.
It is that figure that has fans plotting their own transfer wishlists and dreaming of a return to the Champions League – a competition the club hasn’t graced since 2003.
Those set to take charge are imagining the very same. A 350-page document handed to the Premier League outlines a plan to invest hundreds of millions of pounds in the club, in a bid to secure a return to Europe’s top competition.
However, despite the numbers being bandied about, this may not be the express train to success supporters are eager to jump on.
The prospective owners are themselves aware that this is a long game.
Setting out their plan, they have vowed to pump investment into the club in three-year cycles. There is no coincidence that this is the same time-cycle used by UEFA to monitor Financial Fair Play regulations among clubs in European competition. The Premier League have similar rules in place.
