Man Utd had £700m takeover deal rejected shortly before Newcastle became world’s richest

Manchester United were reportedly on the brink of being partially owned by the Saudi Arabia Public Investment Fund in a £700million takeover deal before the collective brought Newcastle.

The Red Devils, owned by the controversial Glazer family were touted to the PIF who were interested in buying a Premier League club ahead of their £300million acquisition of Newcastle last year, The Athletic have reported. But the deal presented to PIF, led by Crown Prince Mohammed Bin Salman, would’ve only given them a 30% stake in the Red Devils for £700m.

The proposal also included terms that meant the Saudi group wouldn’t have any input on how the club was run – on and off the pitch. But these conditions didn’t suit PIF who subsequently rejected the chance to invest in United – opting to buy the Magpies instead.

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Speaking on the interest in United and how the Magpies deal transpired, PIF governor and Newcastle chairman Yasir Al-Rumayyan explained: “In the UK there was a team that approached us on the basis that we take 30 per cent of the ownership, and we don’t interfere at all in terms of managing the club, for £700m.

“Then we bought Newcastle, who offered us 100 per cent of the ownership.”

PIF then reduced their ownership stake to 80%. And the remaining 20% was split between the RB Sports and Media and PCP Capital Partners – owned by Amanda Staveley.

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The choice to turn down United to acquire Newcastle was a no-brainer to Al-Rumayyan who wants to turn Eddie Howe’s side into a multi-billion pound brand like Premier League rivals Chelsea – who were sold to Todd Boehly in a deal worth £3.5b this summer.

But despite his claims, Salman previously dismissed reports that the group were interested in buying United in 2019.

United fans would’ve likely had no objection to PIF buying a stake in the club as they’ve protested against the club’s current owners The Glazers on numerous occasions over the years.

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