Jan 25, 2020 - Sports

MBS's sovereign wealth fund could buy Newcastle United

Newcastle United players during a training session

Newcastle players during a training session. Photo: Serena Taylor/Newcastle United via Getty Images

An investment fund controlled by Saudi Crown Prince Mohammed bin Salman is in talks to buy U.K. Premier League soccer team Newcastle United F.C. for around $445 million.

Why it matters: MBS has been working to diversify Saudi Arabia's investments, with a focus on sports and entertainment. The sale could give Newcastle a fresh infusion of cash for fresh talent and renovated facilities, the Wall Street Journal writes.

The state of play: The deal could finalize in the coming weeks, but there's still time for things to fall apart.

Worth noting: The team's current owner is British businessman Mike Ashley, who bought the team for about $175 million and is one of the least popular team owners in English soccer, per the Wall Street Journal.

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