The owners of Newcastle United have decided to purchase a substantial portion of the busiest airport in Europe.
The Public Investment Fund (PIF) of Saudi Arabia acquired 10% of Heathrow after Ferrovial, a Spanish infrastructure business, decided to sell 25% of the West London Airport.
In a combined transaction estimated to be worth £2.37 billion, a private equity fund located in France has agreed to buy the remaining 15%. Regulatory requirements still apply to the transaction, though.
The airport has been losing money since the beginning of 2023 due to its significant debt.
Since the historic takeover of Newcastle United in 2021, PIF has owned eighty percent of the club. The sovereign fund of Saudi Arabia has been heavily investing in various industries, particularly sports and leisure, in an effort to diversify the country’s economy away from oil.
Although Riyadh Air’s first flight isn’t scheduled to occur until 2025, PIF launched the airline this year and it swiftly became the official sponsor of Atletico Madrid’s front of shirt.
