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Report: PIF turns attention to Serie A giants after pulling out of Newcastle takeover

Report: PIF turns attention to Serie A giants after pulling out of Newcastle takeover – originally posted on Sportslens.com

According to The Sun, Saudi Arabia’s Public Investment Fund has turned its attention to AC Milan after pulling out of the Newcastle United takeover.

The sovereign wealth fund of KSA was looking to own the St. James’ Park outfit alongside PCP Capital Partners and the Reuben Brothers in a £300 million deal, but the Premier League frustrated the trio following 17 weeks of questions during a rigorous Directors’ and Owners’ Test.

They had planned to inject £250 million in funds to the Newcastle first-team squad, academy, training facilities and community, but Milan could now be the beneficiary of such massive investment.

PIF was due to own 80% of the Magpies had the takeover happened, but has now shifted attention to another sleeping giants, with sources in Saudi Arabia and Italy confirming the story.

Milan haven’t played Champions League football or mount a strong Serie A title challenge in years, but they remain an Italian giant, and PIF can make them one of the biggest teams on the planet once again.

While it is claimed that the Saudi takeover could still be resurrected as Newcastle owner Mike Ashley is bent on selling the club, starting talks with the San Siro outfit will effectively rule that possibility out, and that could happen very soon.

There are other willing buyers on the table, though, and it will be interesting to see if the next takeover attempt can be gotten over the finish line.

From Sportslens.com – Football News | Football Blog

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