I think the Toon Army might be disappointed at the amount of money thrown at the club, especially as 20% is going to be owned externally. The Saudi "$300bn sovereign wealth fund" is also very different from those of the Gulf states, most of which have huge surpluses. Saudi Arabia estimates a budget deficit of $50 billionth is year but will probably be much wider given the low oil price. They also have debts of around $200 billion. So not as rich as you might think. Their fund is an attempt to pretend they are in better financial shape than they really are, and the Newcastle purchase rather similar to their other "sports-washing" ventures, such as hosting boxing & golf. |  |
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