Saudi Arabia’s Public Investment Fund has acquired 70% of chemical manufacturing company SABIC (Saudi Basic Industries Corporation), with the deal set to unlock new capital for PIF. The sovereign wealth fund seeks to diversify the Kingdom’s economy and become a global investment partner of choice, and it’s why they want to own 80% of Newcastle United. However, passing the Premier League’s Owners’ and Directors’ Test has proven herculean, with the World Trade Organization ruling that Saudi was behind pirate satellite TV beoutQ. It remains to be seen how that will influence the Premier League’s verdict on the Newcastle takeover, but PIF won’t be giving up, with many predicting a legal battle should their £300 million bid get knocked back.
Newcastle United fans react to Public Investment Fund’s tweet
