The Saudi owners of Newcastle United have acquired a stake in a major UK airport. The owners of Newcastle United have agreed to purchase a large part in Europe’s busiest airport.
Following the decision by Spanish infrastructure company Ferrovial to sell 25% of West London Airport, Saudi Arabia’s Public Investment Fund (PIF) has acquired 10% of Heathrow.A private equity fund based in France has agreed to buy the remaining 15% in a deal valued £2.37 billion. The purchase, however, is still subject to regulatory approval. Due to significant debt, the airport has been losing money since the beginning of 2023.
Since the club’s historic takeover in 2021, PIF has owned 80% of Newcastle United. In order to diversify Saudi Arabia’s economy away from oil, the sovereign fund has made significant investments in various areas, most notably sports and leisure.
Despite the fact that its first flight will not take off until 2025, PIF formed its own airline, Riyadh Air, this year, and it swiftly became the front-of-shirt sponsor for Atletico Madrid.
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