The Saudi Public Investment Fund was offered a stake in another Premier League club before investing in Newcastle, it has been learned.
The PIF funded a £305m takeover of the Magpies by PCP Capital Partners in October 2021.
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Saudi bid to buy Newcastle took over a year to be ratified
Yasir Al-Rumayyan, the PIF governor, has revealed that the Saudis were approached by another top side in England as they searched Europe for the right club to invest in.
He revealed a 30 per cent stake had been offered, without club scrutiny, for £700million.
Reports from 2019 suggested Crown Prince Mohammed Bin Salman, chairman of the PIF, was considering a bid to buy Manchester United from the Glazers.
In an interview in Saudi Arabia, Al-Rumayyan said: “Soccer, of course, is one of the most important sports there is. Whether at home or abroad.
“It’s the No. 1 sport in the world. And why the Premier League? Because it’s the best league in the world. No other league competes with it.
“There are 20 teams, three are relegated and three are promoted. The advantage of the Premier League is that any of the 20 teams can beat the best team in the league.
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The Crown Prince was thought to be eyeing Man United
“When we looked at it, we looked at it from a financial point of view. By the way, this was not the first offer we received regarding a football team. We also looked in Italy , in France and in the United Kingdom.
“For example, in the UK there was a team that approached us on the basis that we take 30 per cent ownership, and we don’t interfere at all in terms of running the club, for £700m. .”
He added: “Then we bought Newcastle, who gave us 100 per cent ownership.
“But Amanda Staveley and her husband who gave us the opportunity said, ‘We love it so much, we would love to be with you’. It was perfect.
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Staveley is the face of Newcastle ownership, but the Saudis provide financial muscle
“I said, ‘Perfect! Tell them to come’. So now they have skin in the game.
“We bought the whole team for £305m, instead of just having 30% in another team for £700m.”
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