PR92185

NEWCASTLE, England and RIYADH, Saudi Arabia, Oct. 7, 2021 /PRNewswire=KYODO JBN/ --

An investment group led by the Public Investment Fund (PIF), and also

comprising PCP Capital Partners and RB Sports & Media (the "Investment Group"),

has completed the acquisition of 100% of Newcastle United Limited and Newcastle

United Football Club Limited ("Newcastle United" or the "Club") from St. James

Holdings Limited. All requisite approvals have been obtained from the English

Premier League and the acquisition was completed on 7 October 2021.

The Investment Group is comprised of long-term, patient investors who have

every confidence in the future success of the Club. Today's announcement is the

conclusion of a thorough and detailed process that has allowed the Investment

Group to arrive at a deal that benefits all stakeholders and will leave

Newcastle United well-placed to pursue a clear, long-term strategy.

His Excellency Yasir Al-Rumayyan, Governor of PIF, will serve as Non-Executive

Chairman of Newcastle United. Amanda Staveley, chief executive of PCP Capital

Partners, will have one seat on the board. Jamie Reuben will also be a director

of the Club, representing RB Sports & Media.

For PIF, one of the world's most impactful investors, the acquisition is in

line with its strategy of focusing on key sectors including Sports and

Entertainment, and aligns with PIF's mission to actively invest over the long

term – in this case, to harness the Club's potential and build upon the Club's

legacy.

Commenting on the agreement, His Excellency Yasir Al-Rumayyan, Governor of PIF,

said:

"We are extremely proud to become the new owners of Newcastle United, one of

the most famous clubs in English football. We thank the Newcastle fans for

their tremendously loyal support over the years and we are excited to work

together with them."

Amanda Staveley, Chief Executive Officer of PCP Capital Partners, said:

"This is a long-term investment. We are excited about the future prospects for

Newcastle United. We intend to instill a united philosophy across the Club,

establish a clear purpose, and help provide leadership that will allow

Newcastle United to go on to big achievements over the long term.

"Our ambition is aligned with the fans – to create a consistently successful

team that's regularly competing for major trophies and generates pride across

the globe."

Jamie Reuben of RB Sports & Media, said:

"We look forward to a great future for Newcastle United. Newcastle is a

fantastic city, which is why our family has been investing heavily in the area

for many years. To become part of this great Club and its amazing fans is a

privilege.

"We will build a true community Club, based upon our family's knowledge of the

city and in line with our plans that have been worked on closely with Newcastle

City Council to deliver long-term sustainable growth for the area."

The directors of the Investment Group thank Mike Ashley for his commitment to

the sale process. We would also like to thank the Premier League for its

contribution in the regulatory process, which has helped lead to completion of

this deal.

About PIF

PIF is one of the largest and most impactful sovereign wealth funds in the

world, enabling the creation of new sectors and opportunities that will shape

the future global economy, while driving the economic transformation of Saudi

Arabia. PIF has built a world-class, diversified portfolio through investments

in attractive, long-term opportunities across sectors and asset classes at both

the domestic and international level.

About PCP Capital Partners

PCP Capital Partners is a boutique international private equity firm that

specialises in special situations across a diverse range of sectors and

markets. Founded in 2005 by Amanda Staveley and co-led with Managing Partner

Mehrdad Ghodoussi, the firm has offices in London, Abu Dhabi and Dubai. The

firm has a strong investment track record, serving as trusted partners to

private and institutional investors globally. PCP Capital has considerable

expertise in complex, bespoke financial solutions, and looks to create

long-term value in the businesses it invests in. PCP Capital has a strong track

record in football and understands the sector having played a key role in the

acquisition of Manchester City following HH Sheik Mansour's acquisition of the

club.

About RB Sports & Media

RB Sports & Media is part of Reuben Brothers, a family business that operates

in private equity, real estate development, and debt financing. Its investments

include racecourses, media businesses, pub companies, aerodromes, data centres

– as well as investments in resources ranging from shipping to metals

warehousing. Reuben Brothers is a significant investor in Newcastle and is

currently redeveloping the former Bank of England site on Pilgrim Street as

well as The Helix and Stephenson Quarter. Between them, the developments pledge

to bring around 10,000 jobs and more than £600 million in investment. Newcastle

Racecourse is one of the jewels in the crown of its Arena Racing Company racing

business.

Enquiries:

Edelman (PR adviser to the Investment Group)

Iain Dey

+44 (0)7976 295906

Latika Shah

+44 (0)7950 671948

nufc@edelman.com

PIF

Marwan Bakrali

+966 (0)55 759 5222

mbakrali@pif.gov.sa

Rupert Trefgarne

+44 (0)7753 172303

rtrefgarne@pif.gov.sa

media@pif.gov.sa

PCP Capital Partners

David Bick

+44 (0)7831 381201

david.bick@pcpcapitalpartners.com

Source: PIF, PCP Capital Partners and RB Sports & Media