Yasir Al-Rumayyan. (Photo: Bloomberg)
Yasir Al-Rumayyan. (Photo: Bloomberg)

Saudi Aramco chairman could become Premier League club’s chief: Report

On Saturday, Wall Street Journal broke the story that Saudi Arabia’s Public Investment Fund wants to buy an 80% stake in Newcastle United

Saudi Aramco chairman Yasir Al-Rumayyan could be set to become the chairman of Premier League club Newcastle United according to a report in English newspaper The Telegraph.

On Saturday, Wall Street Journal broke the story that Saudi Arabia’s Public Investment Fund wants to buy an 80% stake in the football club based in the north-east of England.

The total price of the club, should the sale go ahead, will be around £340 million

Al-Rumayyan will represent Prince Mohammed Bin Salman who controls the PIF overall. PIF is regarded as the world’s biggest Sovereign wealth funds with assets worth £ 300 billion.

The other 20% of the club will be owned between British billionaire brothers David and Simon Reuben (who will own 10%) and British financier Amanda Staveley (who will also own 10% through her company)

The club is currently owned by Mike Ashley, founder of Sports Direct, a retail company. Ashley acquired the club in 2007 and officially put it up for sale in 2017.

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