Saudi Public Investment Fund

LONDON: Newcastle United FC have been officially converted into the richest club in the world after the Saudi Public Investment Fund (PIF) ended British businessman Mike Ashley's 14-year ownership by purchasing the Premier League club.

An investment group led by PIF (the kingdom’s sovereign wealth), and also comprising PCP Capital Partners and RB Sports & Media, completed the acquisition of 100% of Newcastle United Limited and Newcastle United Football Club Limited from St. James Holdings Limited.