PIF, PCP Capital Partners and RB Sports & Media acquire Newcastle United Football Club

NEWCASTLE, England and RIYADH, Saudi Arabia, Oct. 7, 2021 /PRNewswire/ -- An investment group led by the Public Investment Fund (PIF), and also comprising PCP Capital Partners and RB Sports & Media (the "Investment Group"), has completed the acquisition of 100% of Newcastle United Limited and Newcastle United Football Club Limited ("Newcastle United" or the "Club") from St. James Holdings Limited. All requisite approvals have been obtained from the English Premier League and the acquisition was completed on 7 October 2021.

The Investment Group is comprised of long-term, patient investors who have every confidence in the future success of the Club. Today's announcement is the conclusion of a thorough and detailed process that has allowed the Investment Group to arrive at a deal that benefits all stakeholders and will leave Newcastle United well-placed to pursue a clear, long-term strategy.

His Excellency Yasir Al-Rumayyan, Governor of PIF, will serve as Non-Executive Chairman of Newcastle United. Amanda Staveley, chief executive of PCP Capital Partners, will have one seat on the board. Jamie Reuben will also be a director of the Club, representing RB Sports & Media.

For PIF, one of the world's most impactful investors, the acquisition is in line with its strategy of focusing on key sectors including Sports and Entertainment, and aligns with PIF's mission to actively invest over the long term in this case, to harness the Club's potential and build upon the Club's legacy.

Commenting on the agreement, His Excellency Yasir Al-Rumayyan, Governor of PIF, said:

"We are extremely proud to become the new owners of Newcastle United, one of the most famous clubs in English football. We thank the Newcastle fans for their tremendously loyal support over the years and we are excited to work together with them."

Amanda Staveley, Chief Executive Officer of PCP Capital Partners, said:

"This is a long-term investment. We are excited about the future prospects for Newcastle United. We intend to instill a united philosophy across the Club, establish a clear purpose, and help provide leadership that will allow Newcastle United to go on to big achievements over the long term.

"Our ambition is aligned with the fans to create a consistently successful team that's regularly competing for major trophies and generates pride across the globe."

Jamie Reuben of RB Sports & Media, said:

"We look forward to a great future for Newcastle United. Newcastle is a fantastic city, which is why our family has been investing heavily in the area for many years. To become part of this great Club and its amazing fans is a privilege.

"We will build a true community Club, based upon our family's knowledge of the city and in line with our plans that have been worked on closely with Newcastle City Council to deliver long-term sustainable growth for the area."

The directors of the Investment Group thank Mike Ashley for his commitment to the sale process. We would also like to thank the Premier League for its contribution in the regulatory process, which has helped lead to completion of this deal.

About PIF

PIF is one of the largest and most impactful sovereign wealth funds in the world, enabling the creation of new sectors and opportunities that will shape the future global economy, while driving the economic transformation of Saudi Arabia. PIF has built a world-class, diversified portfolio through investments in attractive, long-term opportunities across sectors and asset classes at both the domestic and international level.

About PCP Capital Partners

PCP Capital Partners is a boutique international private equity firm that specialises in special situations across a diverse range of sectors and markets. Founded in 2005 by Amanda Staveley and co-led with Managing Partner Mehrdad Ghodoussi, the firm has offices in London, Abu Dhabi and Dubai. The firm has a strong investment track record, serving as trusted partners to private and institutional investors globally. PCP Capital has considerable expertise in complex, bespoke financial solutions, and looks to create long-term value in the businesses it invests in. PCP Capital has a strong track record in football and understands the sector having played a key role in the acquisition of Manchester City following HH Sheik Mansour's acquisition of the club.

About RB Sports & Media

RB Sports & Media is part of Reuben Brothers, a family business that operates in private equity, real estate development, and debt financing. Its investments include racecourses, media businesses, pub companies, aerodromes, data centres as well as investments in resources ranging from shipping to metals warehousing. Reuben Brothers is a significant investor in Newcastle and is currently redeveloping the former Bank of England site on Pilgrim Street as well as The Helix and Stephenson Quarter. Between them, the developments pledge to bring around 10,000 jobs and more than 600 million in investment. Newcastle Racecourse is one of the jewels in the crown of its Arena Racing Company racing business.

Enquiries:

Edelman (PR adviser to the Investment Group)

Iain Dey +44 (0)7976 295906

Latika Shah +44 (0)7950 671948 nufc@edelman.com

PIF

Marwan Bakrali +966 (0)55 759 5222 mbakrali@pif.gov.sa

Rupert Trefgarne+44 (0)7753 172303 rtrefgarne@pif.gov.sa media@pif.gov.sa

PCP Capital Partners

David Bick +44 (0)7831 381201 david.bick@pcpcapitalpartners.com