PIF announce 40% takeover in multi-billion investment as Newcastle United set for Premier League meeting
The Saudi Arabian Public Investment Fund, who own an 85% stake in Newcastle United, have entered into a new strategic partnership with Central Group. PIF have bought out Signa Group’s interest to acquire a 40% stake in Selfridges with Central Group owning the remaining 60%.
Central Group and Signa reportedly paid £4billion to acquire Selfridges in 2021, shortly after PIF completed a £300million takeover of Newcastle.
A PIF statement released this week read: “PIF will acquire a 40% interest in Selfridges Group as part of a strategic partnership with Central Group.
“The partnership aims to enhance Selfridges Group’s position as an iconic luxury retail leader and support its long-term growth.
“This transaction follows a binding agreement for the total buyout of Signa Group’s interest in Selfridges Group by PIF, and is subject to customary and applicable regulatory approvals.
“Through this partnership, PIF will hold 40% of both Selfridges Group’s operating and property companies, with Central Group owning the remaining 60%. The deal includes new investment by both PIF and Central to strengthen Selfridges Group’s position and support future development.”
PIF’s head of international investments, Turqi Al-Nowaiser, said: “We are pleased to be partnering with Central Group in Selfridges Group, one of Europe’s most iconic luxury department stores. This transaction allows Selfridges Group to build on its position as a premier retail destination.”
PIF’s acquisition comes in the same week as the verdict of Manchester City’s legal battle with the Premier League over Associated Party Transaction (APT) Rules was made public. The rules, introduced by the Premier League shortly after PIF’s takeover of Newcastle in 2021, were deemed ‘unlawful’.
The ruling could see significant changes to APT Rules, allowing Newcastle to agree lucrative sponsorship deals with PIF-linked businesses. But this will depend on the outcome of an emergency meeting that has been arranged by the Premier League next Thursday.
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