Industry expert: PIF 'not an endless pit of money' as Newcastle owners make latest financial move

Newcastle United fans should not be worried about the recent developments from the club’s Saudi ownership.

That is the view of Keith Wyness, as the former Everton chief executive, speaking to Football Insider, believes that the Saudi Public Investment Fund (PIF) are making “sensible business moves.”

PIF have sold its 70 per cent share in Saudi club Al-Hilal for £276million, and they could now pull their funding for LIV Golf.

It comes amid questions about their commitment to Newcastle and the lack of commercial deals they are bringing to the club from Saudi Arabia.

PIF have yet to make a decision on Newcastle’s stadium plans, and manager Eddie Howe’s future, as uncertainty plagues the club ahead of the summer transfer window.

PIF making ‘straightforward realignment’ of assets

Everton’s former chief Keith Wyness – who served as CEO at Goodison Park between 2004 and 2009 and now runs a football consultancy advising elite clubs – believes PIF’s latest moves are “no big news” for Newcastle fans.

Speaking on the new edition of Football Insider‘s Inside Track podcast, Wyness states that LIV Golf has been a “failed business project” and PIF can not continue spending money for no return.

He told Football Insider‘s Inside Track podcast: “I understand this situation really well. I’ve spent a fair bit of time around Saudi and the whole Saudi project.

“To me, this was just a very straightforward realignment of the Saudi assets and PIF. That’s all they’re doing, and they signalled that years ago when they first bought them, so that’s no big news.

“LIV should be analysed as probably a failed business project, and they’ve been honest enough to admit it, and you can’t keep pouring money at things and expecting different results. All they’ve done is be quite sensible, as any business would do, and say, look, we might just pull the plug here, and it’s going to have to fend for itself in different ways.

“They’ve certainly primed the pump by putting in about five billion, apparently, into LIV and so it’s up to them now to make a run of it and get other investors involved and that’s perfectly acceptable for the PIF to do that.

“They’re not an endless pit of money. It should be looked at as a sensible business move that they’re looking for all their investments to give some sort of benefit.”

Newcastle prepared to make loss on striker

Newcastle’s investment in striker Yoane Wissa has yet to pay off, and the Magpies could cut their losses in the summer transfer window.

Sources have told Football Insider that Howe has lost faith in Wissa, and Newcastle are ready to accept offers for the 29-year-old.

Wissa was signed for £55m, but he has only scored one Premier League goal for the club, and has suffered from injury problems on Tyneside.

A new striker is required at Newcastle regardless of whether Wissa leaves or not, whilst there is not expected to be a long queue for his signature following his poor season at St James’ Park.

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