Newcastle United owners the Saudi Public Investment Fund will be frustrated by one particular thing that has happened behind the scenes at Euro 2024. PIF bought Newcastle in October 2021 as part of the sovereign wealth fund’s plan to diversify away from fossil fuels, with football and sport in general a key target era. The Saudis are not the only Gulf state to have pivoted to the football market in recent years. Far from it. And Qatar, the Saudis’ biggest rivals in the Middle East in terms of football investment, will have frustrated PIF with their latest major deal. Qatar-UEFA deal clashes wi…
