Revealed: what Yasir Al-Rumayyan said at the Zoom conference last week as the takeover of Newcastle nears
Future Newcastle United president Yasir Al-Rumayyan spoke about the goals of the Public Investment Fund last week as the takeover of the Magpies continues to go through Premier League controls.
Premier League attorneys are understood to be investigating the BeIN Sports hacking complaint while the tests as a whole are taking longer, in part due to the logistics of gathering people from a distance. PiF invests £ 280 million in the Newcastle deal, hoping that the investment will appreciate if the team’s business revenues improve and the team is more competitive and accesses European television funds and more of price.
In a virtual event called Beyond the Crisis: Technology to the Rescue, he said that the Public Investment Fund was looking to make the most of the “opportunities” of the coronavirus pandemic and thought there would be returns. long-term investments in the entertainment sector.
“For us, we are looking for all opportunities,” he said.
“If you look at different sectors like airlines, oil and gas, entertainment, they’re all related to the economic downturn. So we think once it opens we will see a lot of feedback.
“I think if you look at the progression of this pandemic, you have three main things to consider: the short term, the medium term and the long term. In the short term, I think governments will try to contain the virus. In the medium term, we have to reopen the economies, and in the longer term, I think the impact is really big on societies, economies and policies. “
Al-Rumayyan is believed to be one of two representatives of Saudi investors on the board of directors, and would retain 80% control if the deal is given the green light.
You can read the full NUFC notebook here.