This archive report was first published on 23 April 2020.
As the COVID-19 pandemic ravages the global economy, Saudi Arabia's Public Investment Fund (PIF) is poised to capitalize on the crisis by acquiring Newcastle United, a Premier League football club.
According to reports, the PIF, led by Crown Prince Mohammed bin Salman, is set to take an 80% stake in the club for an estimated Sh37 billion ($370 million), a deal that could break the Saudi fund into the lucrative Premier League.
However, the proposed takeover has sparked fierce opposition from human rights groups and one of Saudi's regional rivals, who have expressed concerns over the kingdom's human rights record.
As the Premier League teeters on the brink of financial collapse, with clubs struggling to avoid losing hundreds of millions in broadcast rebates, the PIF's move could be seen as a savvy commercial opportunity.
With transfer fees expected to drop sharply and wages depressed, even the world's wealthiest clubs are hastily arranging pay cuts or deferrals with their star players.
