Saudi Arabian consortium in talks to buy Premier League side after Newcastle United takeover by PIF – Reports
Newcastle United's takeover by the Saudi Public Investment Fund has seen the Magpies undergo a meteoric rise through the Premier League ranks in recent years. Now, according to the Daily Star, advanced discussions between Sheffield United's management and another Saudi consortium are underway over a potential £140m acquisition.
Sheffield United's current owner, Prince Abdullah, is showing no signs of hesitation in his quest to sell the club to the highest bidder. This is reportedly a move driven by their recent promotion to the top echelons of English football. A previously promising dialogue with Nigerian entrepreneur Dozy Mmobuosi has been consigned to history, having collapsed several weeks prior.
Recently, a coalition of Saudi businessmen and a pair of US-based consortiums have stepped into the spotlight, expressing their interest in seizing the reins of the renowned club. While the stakes rise, current Blades' manager Paul Heckingbottom is dealt a challenging hand, with a mere £20m to invest in fresh talent during the upcoming summer.
Despite a £170m bonus following the club's promotion, orchestrated under the leadership of Heckingbottom, financial constraints appear to be the order of the day. Prince Abdullah, allegedly exhausted from the financial burden of the club, has signalled to the manager to anticipate working with a frugal transfer budget.
Under these circumstances, Heckingbottom is adapting to the reality of operating with limited resources, a state that will persist unless new owners emerge on the scene. The team is slated to resume pre-season training on July 3, soon to embark on a tour in Portugal. Despite the challenges, Heckingbottom is set to manage the same squad, with limited chances for significant reinforcements.
Newcastle United has undergone a revival spurred on by Saudi ownership
After a hiatus that stretched over two decades, Newcastle United is stamping its mark on the European Champions League scene once again. The club's resurrection is a direct consequence of a transformation under a Saudi-led consortium's stewardship.
Securing a commendable third position in the English Premier League standings, Newcastle United punched their ticket for the next UEFA Champions League season. Positioned just behind league winners Manchester City and runners-up Arsenal, Newcastle garnered an impressive 71 points, an achievement that speaks volumes about the club's rejuvenation.
Reflecting on Newcastle United's renaissance, former Leicester City and Nottingham Forest midfielder Neil Lennon shared his insights with BBC Radio 5 live. He said (via Zawya):
"Newcastle United could be a surprise package in next season’s Champions League. They have had a brilliant season and have some brilliant individuals, but the team as a whole has really been the star."
This unprecedented upswing can be traced back to the decisive moment in early October 2021, when Newcastle was acquired by a consortium led by the Saudi Public Investment Fund. The PIF is notably reputed to be the world's largest sovereign wealth fund.