The Saudi Royal Family’s Public Investment Fund has continued its April spending spree with the “all but announced” purchase of Newcastle United.
Mohammed Bin Salman has long had his eye on a UK top-flight club, and while Newcastle were not his first choice, it is considered as a major win for the de-facto leader to have closed the deal. The Saudi Royals will own 80% of United, purchased at around £200million. The Crown Prince has also made recent investments in Carnival Cruises and Live Nation, who own Ticketmaster.
The significant investments in Live Nation and Newcastle United tie in with MBS’s desire to attract more live events to Saudi Arabia.
After buying a stake in Carnival Cruises, they’ve now bought a stake in the world’s largest live entertainment firm, which owns Ticketmaster. Saudi Arabia is looking to bring more live events to the kingdom as part of their plan to divest their reliance on oil revenue.
