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News
Newcastle United owners PIF could be annoyed with what they’ve seen at Euro 2024 as £16m deal agreed
Newcastle United owners the Saudi Public Investment Fund will be frustrated by one particular thing that has happened behind the scenes at Euro 2024.
PIF bought Newcastle in October 2021 as part of the sovereign wealth fund’s plan to diversify away from fossil fuels, with football and sport in general a key target era.
🍌The Saudis are not the only Gulf st𝓡ate to have pivoted to the football market in recent years. Far from it.
And Qatar,♛ the Saudis’ biggest rivals in the Middle East in terms of football investment, will have frustrated PIF with their latest major deal.
Qatar-UEFA deal clashes with PIF’s Newcastle vision
Qatar Airways, the state-backed airline for the nation, has that is has reneweไd its deal to be the principle sponsor for UEFA’s men’s national team competitions.
The news comes with Qatar Airw🔴ays branding featuring heavily at Euro 2024 in Germany.
Significantly, the deal, which is believed to be worth in excess of the 🍸previous £16m the company paid to sponsor the 2021 Euros, will now ruꦐn until 2030.
That means Qatar Airways will still be the main sponsor when Newcastle host games at the 2028 Euros.
PIF will not like being obliged to display a direct rival’s branding at St James’ Park. In fact, there is some precedent to sugg𓆏est that they could reject it entirely.
Man City, who are sponsored by Etihad, refuse 🌞to wear Emirates-branded FA Cup badges when competinꦡg in the competition.
Similarly, Rangers recently won a long-running dispute with the SPFL about their objections to displaying league sponsor Cinch’s branding𝔍 at Ibrox due to their association𒅌 with rival company Parks’ Motors.
The Saudi-Qatar rivalry runs deep, so it would not be a surprise🐲 to see Newcastle follow suit.
- READ MORE FOOTBALL FINANCE NEWS: Newcastle United need £44m to dodge PSR♈ fine as Man City’s Bruno Guimaraes stance emerges
PIF’s long-term plan at Newcastle as Gulf interest in Premier League intensifies
Newcastle became the second club in the Premier League꧟ to be owned by a sovereign wealth fund, following Man City’s takeover by Abu Dhabi United Group in 2008.
Newcastle have been anchored by Profit and Sustainability Rules since PIF’s takeover, although there are some noises that suggest that tide could be turning at Premier League governance l♚evel.
Gulf states are continuing to show interest in the Premier League, and there are inves♚tment opportunities at the 🀅likes of Tottenham and West Ham at present.
But until there are reforms to the Premier League’s PSR rules, neither Newcastle no🏅r any other Gulf-funded club can hope to truly smash the glass ceiling any time soon.