'They have huge ambitions': Saudi Arabia playing long game at Newcastle, says former co-owner

Saudi Arabia remains “100 per cent committed” to the long-term success of Newcastle United, according to the club’s former co-owner Mehrdad Ghodoussi.

Ghodoussi, alongside his wife Amanda Staveley, brokered a takeover of the Tyneside club in October 2021 with the backing of the Saudi Public Investment Fund and the Reuben family.

Since then, the team has qualified for the Uefa Champions League twice and ended a 70-year wait for a major trophy when they won the League Cup last March.

Yet, despite an already substantial transfer outlay – Newcastle’s net spend of £430.6 million since 2021 is the fifth highest in the Premier League – they have been frustrated in their pursuit of grander ambitions by profit and sustainability rules (PSR).

The rules seek to promote sensible financial practice by limiting club losses to £105m across a rolling three-season period, but in doing so make it difficult to bridge the gap to the division’s wealthiest and most successful sides.

Manager Eddie Howe has described PSR as “not right”, while there have been rumours of restlessness among the club’s Saudi hierarchy at seeing their spending curbed and progress stalled.

However, speaking to The National at the World Sports Summit in Dubai, Ghodoussi insisted the PIF has a long-term vision for the club – and that their support is rock solid.

“The commitment is 100 per cent there. They love the club. They love the North East. They love the city. The commitment is 100 per cent there. I can guarantee you that,” said Ghodoussi, who departed the club with Staveley in July after selling their six per cent stake to the PIF and the Reubens.

“It's a great club. It's a great team. It's a great manager. It's great ownership. They have huge ambitions. I'm excited to watch how things progress. It's not easy being in the Premier League. You're going to have your ups and downs, but the future is bright.”

A new squad cost ratio (SCR) system is set to replace PSR next season, with spending on player or coaching fees and wages restricted to 85 per cent of football-related revenue.

While accepting some form of regulation must be adhered to, Ghodoussi said the imminent changes are an admission that the current framework is flawed.

He said: “Look, you do have constraints. I see where the Premier League are coming from and it's to try to create a level playing field.

“These things always move and change over time, and the Premier League is aware of it and that's why these new changes came into play. So, look, you've got to work within the boundaries. It was difficult, but we did.”

The PIF’s ‘hands-on’ approach

The 2021 takeover deposed Newcastle's loathed former owner Mike Ashley, while the equally unpopular incumbent first-team manager Steve Bruce swiftly followed him through the St James' Park exit.

Ghodoussi said they found a club in desperate need of modernisation, especially in the transfer department, where they used no data whatsoever – signing players based purely on the eye test – and didn't even have a subscription to the now ubi