Newcastle United have been boosted by a £70 million cash injection by cash-rich Saudi owners as they look to back boss Eddie Howe this January.
According to the club’s official website, Saudi Arabia’s Public Investment Fund (PIF) is making an injection worth tens of millions of pounds into Newcastle United after having bought the club just over a year ago.
The club’s owners have pledged a £70.4 million cash injection, bringing their total investment to £450 million since the Saudi-backed consortium came into possession of the Toon.
All of the additional funds will not be taken into account under UEFA’s financial fair play guidelines since the majority of the money pumped into the club will be used for off-field activities such as upgrading the club’s day-to-day operations and infrastructure.
Magpies’ home ground, St James’ Park, will also be upgraded for the short and long term, and the club will also be recruiting more senior executives “to build out the commercial operations of the club.”
Club’s chief executive Darren Eales has explained further that the extra investment would mean the Magpies’ have the required backing to establish themselves as a “club that can compete consistently at the highest levels of English and European football”.
“We need to develop the whole business, as well as the playing squad,” he continued. “And we need to do so while adhering to the Financial Fair Play rules. This additional investment further enables us to continue implementing the business plan.”
The note also states that a portion of the funds will be used for “investment in the playing squad,” which can be interpreted as a cash injection ahead of the January transfer window in order for Newcastle to have sufficient funds to keep strengthening the roster for the second half of the season as they look to secure a top-four finish and a berth in the UEFA Champions League.
This comes as music to the ears of the Toon Army, who are enjoying the excitement around the club since the club’s new owners’ arrival.
There is an understanding that everyone within the club’s corridors has been taken aback by the rapid pace of the project in only a year’s time. Manager Eddie Howe has taken the club to unprecedented heights, with the club brimming with confidence and excitement not seen in a long time.
Indeed, when he assumed charge, the club was battling for top-flight survival. The Magpies’ not only secured safety but finished 11th, which was an indicator that the turnaround of fortunes is in the making. This season, the evidence has been amplified. Newcastle is now third in the Premier League, ahead of Manchester United, Tottenham Hotspur, and Chelsea.
Recent reports from multiple outlets suggest the Magpies’ owners will offer Howe and transfer supremo Dan Ashworth a significant transfer war chest to work with this January to bring in a limited number of top stars. Football Insider has even claimed that the Magpies have put aside a huge chunk of money to make a statement signing in January.
The massive off-field investment also shows Newcastle will be an unstoppable force in English football sooner rather than later. They are following the Manchester City blueprint, investing in the youth academy and infrastructure to have all-round development over the long haul.
