PIF's increased stake in Newcastle United hailed as Yasir Al-Rumayyan named on power list

Newcastle United chairman Yasir Al-Rumayyan has been ranked 45th on Fortune's list of the world's top 100 most powerful people.

The Toon chief was named on the prestigious list alongside the likes of Elon Musk and Mark Zuckerberg. In a description on the criteria for making the list Fortune said: "What you’ll find on this list: leaders from 40 industries, ranging in age from their 30s to their 90s.

"You’ll come across very recognizable founders, chief executives of great businesses, disrupters, and innovators. What you won’t find: fossilised billionaires who are no longer active in business; nor will you find politicians, regulators, or seconds-in-command.

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"In the end, the people who earned places on the Most Powerful People list share a vital trait: Their words, deeds, and wealth shape what others around them think and do."

And in paying tribute to the Newcastle chief, PIF's increased stake, Fortune wrote: "Yasir Al-Rumayyan is best known for his role as governor of the Public Investment Fund, the sovereign wealth fund of Saudi Arabia. Al-Rumayyan leads all areas of operation for PIF, one of the world’s largest sovereign wealth funds, with over $925 billion in assets under management this year. Al-Rumayyan is also chairman of oil giant Saudi Aramco, the world’s most valuable listed company.

"PIF is central to Saudi Arabia’s plan to diversify away from oil, and the fund, under Al-Rumayyan’s leadership, has been a major backer of some of America’s most disruptive companies, including Blackstone, Uber, and Tesla.

"PIF is currently investing in artificial intelligence, having launched advanced manufacturing company Alat in February and the Saudi Company for Artificial Intelligence (SCAI) in 2021. PIF is also expanding further into sports.

"Over the summer of 2024, PIF boosted its stake in English Premier League football club Newcastle United to 85%—Al-Rumayyan is chairman of the club—while the fund continues to own Saudi Pro League clubs, including Al-Nassr, where Cristiano Ronaldo, the renowned Portuguese footballer, is team captain."

PIF raised their financial interest in United in the aftermath of Amanda Staveley's exit earlier this year.

A club statement confirming PIF's increased stake read in July: “Following this, the new shareholding structure will see PIF control around 85% and RB (Reuben family) Sports & Media holding the remaining 15% stake in the club. These structural changes are expected to be completed during July 2024."