Newcastle United takeover figures PIF are reportedly set to buy a stake in the McLaren Group.
According to Sky News, the Public Investment Fund of Saudi Arabia are involved in a £550million equity raise that could be officially unveiled in days.
The McLaren Group are a British supercar manufacturer, while they also have a team in F1. Daniel Ricciardo and Lando Norris currently race for the team.
It’s a huge investment from PIF, as they begin to make waves in the UK sporting scene.
But if they can invest in a UK-based F1 team, why can’t they be involved in the purchase of a Premier League club?
PIF can’t complete Newcastle takeover, but they can invest £550million in McLaren Group?
PIF’s involvement in last year’s failed takeover is the reason the deal was not passed.
PCP Capital Partners did agree a deal to buy Newcastle United from Mike Ashley more than a year ago.
The Saudi investment fund were set to own 80% of the club, providing the financial muscle of the deal.
However, the Premier League would not give approval because of PIF’s role.
The issue was whether or not PIF are separate to the Saudi state.
One year on, and we await the results of an arbitration hearing which will settle the debate.
If things go our way, the takeover should be back on the table.
According to Sky News, the arbitration process is expected to be resolved this month.
If that is the case and Newcastle come out on top, the McLaren Group surely won’t be the major UK sporting investment PIF make in 2021.
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