Newcastle is investing $260 million in a training complex that will be ready to use from the 2029-30 season, a signal that its Saudi owners are still committed to the club after a raft of high-profile player sales over the past year.There has been growing skepticism over the commitment of the Public Investment Fund — Saudi Arabia’s sovereign wealth fund that bought Newcastle in 2021 — following the exit of Alexander Isak last offseason and Bruno Guimaraes, Anthony Gordon and Sandro Tonali this summer, with the club fighting to comply with English soccer’s stricter financial rules.Newcastle also didn’t qualify for the lucrative Champions League — a competition which brought in estimated prize money of 50 million pounds ($70 million) to the club last season — after finishing 12th in the 20-team Premier League in an underwhelming campaign under now-departed coach Eddie Howe.
PIF has also stated its intention to scale back its sports portfolio, including withdrawing financial backing for LIV Golf.“The project represents a significant long-term investment into the club’s future by its owners PIF and RB Sports & Media,” Newcastle said in a statement.Newcastle CEO David Hopkinson said it was a “landmark moment” for the club.
