Saudi PIF ‘on the verge’ of £1.2billion Newcastle United move – Report
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The future of Newcastle United and St James’ Park has become clearer as conversations about the club’s stadiums approach their final stage.
Debate over whether Newcastle should attempt to undergo the complicated proceedings of expanding their current dwellings, or shift to a new patch entirely, have been at the forefront of many conversations about the club’s future.
A financial standpoint is naturally taking a lot of consideration from PIF who are funding the move, but the latest report indicates that sentimentality is not at all lost on the Magpies’ board, who appear close to a final decision.
Newcastle set for move, but not too far
The Saudi Arabian Public Investment Fund will be recommended by the Newcastle board to conduct a £1.2 billion project in the shadow of our current stadium, according to a major exclusive the Telegraph’s Luke Edwards.
A decision has not yet been finalised, but it’s believed Toon chiefs are ‘on the verge’ of finalising plans, with the club’s majority stakeholders having the final say on the ambitious rebuild that would see us house just shy of 70,000 – the second biggest of any club in the country behind Old Trafford.
Situated primarily on the grounds of St James’ Park, the current drafts would see us require “only a small part of Leazes Park” which could help matters from the Council’s point of view, with ideas being prepared to build a new green space to offset that taken by a potential rebuild of the stadium.
All parties suited, or a major risk?
Football is a game of opinions and it is an impossible task to keep everyone happy. Considerably more minute changings to the matchday programming such as different pre-match music, beverages and food has been susceptible to grumblings – never mind the massive task of major ground developments.
Some fans will want to remain as we are, though there feels a growing acceptance that upgrades have to be made if we are to push on and compete at the very highest level. The club will consult supporters before changes are finalised, but PIF will have the final say.
The owners will rightly have one eye on the 2028 European Championships where we will be a host city. Construction of a new stadium will take six to seven years, way past the deadline of six months prior to our first game of the 2028 competition.
Increasing gate revenue and becoming one of the nation’s state of the art stadiums would see a mass uptick in our financial state and give us more freedom to invest in our squad in the long-term, but the rules could also have completely shifted by 2031/2032.
An uncomfortable decision will have to be made by the powers that by that is sure to not be a quick process regardless, but it at least can bring an end to any speculation until a decision is made.
