How much have Newcastle spent on transfers under PIF?

7 Sept 2023 11:35 BST |
Updated: 23 Oct 2026 21:17 BST |
3 min read

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Newcastle United have the backing of the richest owners in world football following the Saudi Arabia Public Investment Fund’s (PIF) takeover in late 2021.

PIF became majority shareholders in October 2021, and with 80% of the club’s shares, they became the de-facto owners of the St James’ Park club.

Below, FootballTransfers runs through how much Newcastle have spent since PIF took over.

How much have Newcastle spent on transfers under PIF?

Newcastle have spent a total of €1.0999 billion (€1,099.9 million) on transfers since PIF took over in 2021.

Their first major signing after becoming the majority shareholders at St James’ Park was Kieran Trippier in January 2022, while Chris Wood, Bruno Guimaraes and Dan Burn also joined the club during PIF’s first transfer window.

Six months later, Newcastle spent big again, splashing out €193.4m on Alexander Isak, Anthony Gordon, Sven Botman, Matt Targett, Nick Pope, Harrison Ashby, Charlie McArthur and Garang Kuol.

Newcastle qualified for the Champions League that season and celebrated by signing Sandro Tonali, Harvey Barnes, Valentino Livramento and Yankuba Minteh.

But having missed out on European football during the 2023/24 season, the following summer proved difficult for Newcastle, with PSR issues limiting them to just three major signings in William Osula, Odysseas Vlachodimos and Lloyd Kelly, as well as the permanent acquisition of Lewis Hall following his loan spell.

The Magpies then bounced back with a huge summer of spending in 2025, with the club’s finances boosted by the Premier League record sale of Isak to Liverpool. In total, they spent a whopping €274.3m on new signings.

Nick Woltemade was their priciest arrival, while Anthony Elanga, Yoane Wissa, Jacob Ramsey and Malick Thiaw also joined the club for eye-catching fees.

Despite changing their transfer strategy and targeting high-potential youngsters from smaller leagues, Newcastle broke their spending record in the summer of 2026, when they splashed out €313m on eight signings to replace Tonali, Guimaraes, Gordon and others.

How much have Newcastle earned through sales under PIF?

Newcastle have earned a total of €592.6m through player sales since PIF took over in 2021.

What is Newcastle’s net spend under PIF?

Newcastle’s net spend under PIF is €507.3m.

Who are Newcastle’s most expensive signings under PIF?

Alexander Isak is Newcastle’s most expensive signing under PIF. The Sweden international joined the Magpies from Real Sociedad for a fee of €77.5m in 2022. He is only top by virtue of a 10% sell-on clause, which entitled Real Sociedad to an additional fee when he left Newcastle.

Germany forward Nick Woltemade is second on the list, courtesy of his €75m transfer from Stuttgart in 2025. He was signed as Isak’s replacement following his move to Liverpool and was actually announced as the club’s new record signing.

Sandro Tonali (€67.1m) is Newcastle’s third most expensive signing since PIF became owners, while Anthony Elanga (€61.4m) and Matias Fernandez-Pardo (€60m) complete the top five.

Who are Newcastle’s most expensive sales under PIF?

Alexander Isak is Newcastle’s most expensive sale under PIF. The striker left the Magpies to join Liverpool for a Premier League record fee of €145m in 2025.

Sandro Tonali is the second most expensive sale under PIF after he departed for Tottenham for €108m in 2026, followed by his former midfield partner Bruno Guimaraes, who joined Arsenal for €87.5m that same summer.

Anthony Gordon (€80m) and Elliot Anderson (€41.2m) complete the top five.