PIF could turn attentions to Italian giants

NEWCASTLE United’s would-be buyers are being heavily linked with buying a stake in Serie A giants Inter Milan.

The San Siro club are top of the table in Italy and on the brink of their first title win since 2009/10 but their financial woes are well documented.

Saudi Arabia’s Public Investment Fund has attempted to buy a 30% stake in Inter and negotiations with Chinese e-commerce firm Suning Holding Group are led by PIF governor and manager Yasir Al-Rumayyan, according to reports in Italy.

Mr Al-Rumayyan was set to take a place on Newcastle’s board had the Middle East takeover gone through last summer before PIF withdrew its bid.

Inter are valued at £850million for a takeover but have debts of £650million.

Delays on Newcastle’s arbitration process could prove to be a test of PIF’s patience in the eyes of some observers.

That proved to be the case last summer, when the Premier League’s dilly-dallying on the owner’s and directors’ tests resulted in PIF and its partners pulling out of the deal.

They said then: “With a deep appreciation for the Newcastle community and the significance of its football club, we have come to the decision to withdraw our interest in acquiring Newcastle United Football Club.

“We do so with regret as we were excited and fully committed to invest in the great city of Newcastle.

“We believe we could have returned the club to the position of its history, tradition and fans’ merit.

“Unfortunately, the prolonged process under the current circumstances coupled with global uncertainty has rendered the potential investment no longer commercially viable.”