Newcastle United: buying a football club can still be lucrative – with the right business tactics

By Christina Philippou, Principal Lecturer, Accounting and Financial Management, University of Portsmouth

Many Newcastle United fans cheered the announcement on October 7 that their club had finally been sold for £305 million. The sale, to a consortium headed up by Saudi Arabia’s sovereign wealth fund, adds to a long list of clubs bought by the mega-rich, including Manchester City (owned by Sheikh Mansour), Arsenal (Stan Kroenke) and Chelsea (Roman Abramovich).

But why do wealthy people or states buy football clubs in the first place? What is it about owning a team in a volatile and generally

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