Newcastle United have received a major cash boost after their investors injected additional capital into the club. The Magpies have promised new investment moving forward as they seek to rebuild the club after years of decline under Mike Ashley.

A statement from United read: “The ownership group, made up of PIF, PCP Capital Partners and RB Sports & Media, have invested a further £70.4 million in Newcastle United FC. This investment brings the ownership group’s investment to date to over £450 million.

“The capital injection follows a wide range of investment in the club which has seen an upgrade to training facilities, improvements to St. James’ Park and the recruitment of a number of senior staff to develop the business operations of the club, as well as investment in the playing team.

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“Further investment is expected, reflecting the ownership group’s long-term commitments to Newcastle United.

Darren Eales, CEO of Newcastle United, said: “We are at the start of a long-term plan which aims to build a club that can compete consistently at the highest levels of English and European football. We need to develop the entire company, as well as the game team.

“And we must do this while respecting the rules of financial fair play. This additional investment also allows us to continue implementing the business plan.”

The ownership group’s equity investments to date are described in historical Companies House records. A total of £305m was invested at the time of the takeover in October 2021. A further £38.5m was invested in November 2021, followed by a further £40m in January 2022. The club has also obtained banking facilities to support its operation. capital needs.