Newcastle United fans were left panicking after Yasir Al-Rumayyan – the club chairman and governor of Saudi Arabia’s Public Investment Fund – announced that international spending would be cut, with the investment percentage decreasing from 30 to 18-20.
While Saudi will now focus on their domestic economy, with the proportion of their foreign investment set to go down, Newcastle will not be affected, according to the Daily Mail journalist Craig Hope.
Investment plans for established portfolio companies like the St. James Park club remain the same in a big boost to the club going forward.
Newcastle experienced an immediate change in fortunes on and off the pitch after the Saudi takeover, but things have slowed down in recent months, and fans panicked when Al-Rumayyan made that announcement at the Future Investment Initiative in Riyadh.
However, the Toons faithful will be hoping that the emerging doubts over the speed of the PIF project at Newcastle can be put to bed after it emerged that the club will not be affected.
Investment in the squad, as well as progress on a new stadium and training ground, has slowed evidently in recent months, and whether the Saudis have plans to make any significant improvements to Newcastle remains to be seen.
Finishing in the top-four this season already looks like a foregone conclusion despite 29 games still to play, and failure to qualify for the Champions League next season will see some of the top players force their way out.
PIF gave the supporters huge hope upon the completion of their takeover, but things have changed in recent months and Newcastle will have to slowly work their way up to the pinnacle of English football going forward.