Newcastle United posts first profit under PIF ownership following stadium sale

Newcastle United has returned to profit for the first time since coming under the ownership of Saudi Arabia’s Public Investment Fund (PIF), boosted by the sale of St James’ Park and adjacent assets to a sister company.

According to The Athletic, the intragroup transactions generated paper proceeds of £176.2 million ($232.3m) and an accounting profit of £133.1 million, resulting in a pre-tax profit of £34.7 million for the 2024-25 season. Without these asset sales, the club would have recorded a £98.4 million loss.

PZ Newco Holdings Limited (PZNH), incorporated in the UK on 5 June 2025, is wholly owned by PZ Newco Limited, the UK-registered investment vehicle majority-owned by PIF, like Newcastle United itself.

On 27 June 2025, three days before the club’s accounting year end, PZNH purchased ‘leasehold improvements at St James’ Park’ for £172.1 million, generating a £129 million accounting profit for Newcastle. This transaction covered the stadium structure only; the land on which St James’ Park sits is managed by the Freemen of Newcastle and remains outside the club’s ownership.

The deal marks a significant financial milestone for Newcastle under PIF, highlighting the impact of internal asset restructuring on the club’s accounts.