PIF announce multi-year sponsorship agreement with Atlético Madrid

Newcastle United's majority owners, Saudi Arabia's Public Investment Fund (PIF), have today announced a huge sponsorship deal with La Liga giants Atlético Madrid.

Riyadh Air, which is owned and operated by PIF, is the new main sponsor for the Spanish team and will be their official airline, even though the airline's first flight won’t be until 2025.

When Riyadh Air started earlier this year, people wondered if it would become Newcastle United's front-of-shirt sponsor. Instead, United opted for another PIF company, Sela, to be its new partner.

Miguel Ángel Gil, Atlético's CEO, said, "We are delighted to welcome Riyadh Air as our new main sponsor of the club. This partnership signifies a great opportunity to offer better experiences to our fans around the world and I am confident that this alliance with Riyadh Air will elevate our club to new heights."

Tony Douglas, Riyadh Air's CEO, added, "It is an incredibly exciting day for Riyadh Air as we enter into a long-term partnership with Atlético de Madrid, one of Europe’s greatest clubs, to become their main and official airline partner. We believe that this partnership is a perfect match, as both Riyadh Air and Atletico share a commitment to excellence and a passion for connecting people and cultures around the world. This airline created global waves when we recently launched our stunning livery and with this partnership, once again we are surprising the world as we move towards our maiden flight in 2025. We look forward to working closely with our friends at Atlético de Madrid to deliver innovative and exciting experiences for football fans and travellers."

Newcastle United's majority owners are keen on investing in more sports teams. By sponsoring a La Liga team, they're expanding their influence in football. Just last month, there were talks about PIF possibly buying another big football club in Europe, suggesting they might be looking into a multi-club model.