Saudi Arabia's Public Investment Fund is reportedly preparing to withdraw its multi-billion-dollar backing of the breakaway golf league it launched in 2021, after years of heavy losses and limited audience growth. The move forms part of a broader strategic shift toward prioritising domestic investments and long-term returns within Saudi Arabia, with the proportion of overseas assets in the fund's portfolio steadily declining in recent years.

The development has prompted questions about the future of Newcastle United, which is majority-owned by the Public Investment Fund. Since acquiring the club in 2021, the fund has injected nearly five hundred million pounds, largely to finance player transfers and operational losses. While the club has generated positive operating cash flow in seasons featuring European competition, it has relied heavily on owner funding to cover significant transfer spending and infrastructure upgrades.

Sources close to the ownership insist Newcastle falls into a separate strategic category and will not be affected by changes elsewhere in the portfolio. The fund is said to view the club as a long-term investment and is not seeking a sale in the short to medium term, despite speculation following the reported withdrawal from golf and the sale of a Saudi domestic club.

Even so, Newcastle's ambitions, including stadium redevelopment and further squad investment, remain closely tied to continued backing. Without sustained capital injections, the club would likely need regular qualification for European competition to approach self-sufficiency, potentially limiting its ability to compete consistently at the highest level.