Saudi Arabia’s Public Investment Fund has acquired 70% of chemical manufacturing company SABIC (Saudi Basic Industries Corporation), with the deal set to unlock new capital for the consortium.

The sovereign wealth fund seeks to diversify the Kingdom’s economy and become a global investment partner of choice, and it’s why they want to own 80% of Newcastle United.

However, passing the Premier League’s Owners’ and Directors’ Test has proven herculean, with the World Trade Organization ruling that Saudi was behind pirate satellite TV beoutQ.

It remains to be seen how that will influence the Premier League’s verdict on the Newcastle takeover, but PIF won’t be giving up anytime soon, with many predicting a drawn-out legal battle should their £300 million bid get knocked back.

Magpies fans are hoping the Saudi consortium succeed with their takeover bid, and some of them took to Twitter to react after PIF secured the majority shares of SABIC:

Announce NUFC

— Newcastle United Times (@Newcastle_Times) June 17, 2020

How I wish this was newcastle

— Justin Caruana (@justincaruana98) June 17, 2020

Excellent work PIF