Newcastle United and Chelsea's part-owners have invested £747m in a luxury hotel group as the links between the respective boardrooms are strengthened further away from the game.
Saudi Arabia's Public Investment Fund (PIF) have teamed up with Cain International to support the Aman Group's 'global expansion of ultra-luxury hotels and branded residences'. The PIF, of course, own an 80% majority stake in Newcastle while Jonathan Goldstein, the CEO of Cain International, is one of Chelsea's co-owners. Todd Boehly, the Chelsea chairman, also sits on the Cain board.
Yasir Al-Rumayyan, Newcastle's non-executive chairman, is the governor of the PIF and his deputy, Turqi Alnowaiser, said this $900m (£747m) investment was 'in line with the PIF's strategy to invest in promising sectors to achieve sustainable, attractive returns'. The Aman Group has 34 hotels in 20 countries and another nine properties in development, including in Saudi.
