Newcastle United chairman Yasir Al-Rumayyan makes UK trip as PIF commit to £2bn football investment
Newcastle United chairman Yasir Al-Rumayyan was in London on Tuesday at the London Stock Exchange
Newcastle United chairman Yasir Al Rumayyan was in the UK on Tuesday as The London Stock Exchange (LSG) listed the the first-ever green bond issued by a sovereign wealth fund. Saudi Arabia's Public Investment Fund (PIF), governed by Al-Rumayyan, are behind the $3billion (£2.7bn) listing, which is already eight times oversubscribed with investors.
Green bonds are designed to raise funds for new and existing projects which deliver environmental benefits and a more sustainable economy. PIF say their bond highlights Saudi Arabia's bid to reach Net Zero emissions by 2060.
Al-Rumayyan was at the Market Open Ceremony at the LSG just days after Newcastle fans marked the one-year anniversary of the PIF takeover. The chairman wasn't in attendance at St James' Park for the 5-1 win at Brentford and it is unclear if he will stay in the UK ahead of the Magpies' trip to Old Trafford to face Manchester United on Sunday.
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The appearance from the Newcastle chief comes just days after the Financial Times reported the Saudi sovereign wealth fund had committed more than $2bn (£1.8bn) to new long-term football sponsorship deals this year. Recent financial statements reportedly show PIF had entered into sponsorship agreements with multiple football clubs amounting to SAR8.75bn (£2.1bn) in the first eight months of 2022.
Most of the sponsorships are for domestic football as PIF attempt to increase their stake in the biggest sport in the world. Much like the Chinese Super League managed in years gone by, players could soon be attracted to play in the top flight of Saudi football. Roshn, a real estate firm owned by PIF, now has a five-year agreement to sponsor the Saudi Football League.
Al-Rumayyan was interviewed last week and quizzed over whether PIF would consider purchasing any other football clubs in Europe following their acquisition of Newcastle. Before taking an 80 per cent stake in the north-east outfit, the wealth fund was consistently linked with Italian giants Inter Milan.
Al-Rumayyan admitted it was unlikely PIF would try and purchase majority stakes in major European clubs but did concede there was a possibility of a few smaller clubs being eyed in the future. "It is unlikely that we will invest in other European clubs," he told Radio Eight in Saudi Arabia. "At most a few small clubs to increase our investments."
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