The Public Investment Fund acquired an 80 per cent stake in Newcastle United two-and-a-half years ago
A Saudi Arabian fund led by Crown Prince Mohammed bin Salman is planning on buying Serie A giants Inter Milan, according to reports.
The Gulf state’s Public Investment Fund acquired an 80 per cent stake in Newcastle two-and-a-half years ago. In that time, the Magpies have transformed from relegation candidates to regular European contenders.
Controversy regarding the takeover involved how much influence the Saudi state would have on the day-to-day running of the club. Mohammed bin Salman, known as MBS, is the de facto leader of the country and acts as Chairman of PIF.
The Premier League confirmed they had received “legally-binding assurances” that Newcastle would not be state-owned following the takeover. No legal framework can stop states from owning football clubs – a fact that may change once the independent regulator is appointed.
Italian outlet Gazzetta dello Sport claim a member of the Al-Saud royal family, with MBS fronting the consortium, is expressing interest in Inter Milan. The European giants clinched the Serie A title by a landslide and were losing finalists in last season’s Champions League.
However, any deal for Inter would cast doubt over PIF’s commitment towards Newcastle. UEFA rule states “no two clubs or more participating in a UEFA club competition may be directly or indirectly controlled by the same entity or managed by the same person.”
The question of how much influence Saudi Arabia has and how related PIF are to the state would likely come under scrutiny again. That is, of course, should Newcastle earn qualification for European football this weekend.
Manchester City face a similar problem now Girona have ensured Champions League football next season. City Football Group must reduce their stake in one of the two clubs – likely Girona – by June 3.
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