Former Everton and Aston Villa chief executive officer Keith Wyness has contacted PIF regarding investment in Newcastle United.
The Public Investment Fund of Saudi Arabia owns an 85% stake in Newcastle which increased from 80% over the summer following Amanda Staveley’s sudden departure.
PIF governor and Newcastle chairman Yasir Al-Rumayyan announced last month that the sovereign wealth fund is aiming to cut its international investments from 30% to around 20%. However, Wyness is confident that won’t impact Newcastle after claiming to have made contact with a PIF insider:
“I spoke to my contact in PIF about this, what it really means is 30% of their overseas investment may come down to 18% or 20% but the assets they have already invested in such as Newcastle are not really going to be part of any of those cuts,” he told Football Insider. “It will not impact Newcastle at all.”
Newcastle are assessing the prospect of a major stadium development at St James’ Park or a new state-of-the-art stadium on an alternative site. A further update on the club’s plans is expected in early 2025 and Wyness has backed PIF to fund the £1billion-plus project.
“That’d be a massive help for the North East of England so I don’t see anything but still reasonable news for Newcastle. This is the challenge, do you get a stadium elsewhere for less money or do you look at a multi-use facility that is more than just a stadium but gives a whole heartbeat to the city?
“If they can do it, I think the redevelopment of St James’ Park into a multi-use facility would give a whole new life to that city centre for the next 50 to 100 years. It would be so well received in the North East.
“The Saudi owners and PIF would be really applauded for doing something like that and we’ll have a tangible benefit from getting a nation state involved in a football club that would be very hard to argue against.
“I’m hoping they go for a whole thing and do a major re-development project that will change the face of Newcastle for many years to come.”
Do we want to stay at St James’ Park and redevelop it or would we rather move to a billion super plex stadium? Have your say in the comments below…
Leave and get an up to date ground that holds 75,000 plus.Got to move with the times.The old stadium is not fit for purpose.
Barry(Quote)
New stadium please .. = more income =better players = more chance of success for club and region
Mike(Quote)
I don’t believe a new stadium equals success – have Arsenal done so much better in the Emirates v Highbury?!.
I place more value on history & tradition. The stadium & its location within the City is iconic – it forms part of what NUFC is as a club.
Sharpy17(Quote)
I wonder if we could build a stadium on the current Leazes Park site. Thereafter demolish St James and replace it with….a park. The city looses an old albeit historic but neglected park, gets a newly developed green space and spanking new super stadium still located in the city itself
Tim McQuade(Quote)
Impossible to move away from the City Centre, its the heart and soul on Newcastle Upon Tyne and always will be.
steve ross(Quote)
Excellent idea, Sir John Hall wanted to do that but the idiots got a petition and stopped it, idiots from outside of the City I might add.
steve ross(Quote)
Time to move to a stadium something more befitting the times 80,000 state of the art stadium.
The fans are the club, not just a stadium we can still keep our legacy.
Mark(Quote)
Any way to play a season (or two) at a temporary site while demolishing St James Park and rebuilding a grand new stadium on the same site? Seems the main argument for keeping the current place is mostly location. A season or two away would be a small sacrifice for having a beautiful stadium in the best location possible.
Toon tunes(Quote)
No brainer has to be a new stadium for commercial purposes and to challenge on consistent basis domestically and in Europe. Seize this once in a lifetime chance
Stephen(Quote)