PIF, PCP Capital Partners and RB Sports & Media acquire Newcastle United Football Club
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
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