Gary Neville has explained how Newcastle United’s owners have shocked him since taking over the club.

Newcastle have made undeniable progress since the Saudi Public Investment Fund (PIF) completed a takeover back in October 2021. 

The Magpies were struggling in 19th place when Mike Ashley finally sold the club, with Steve Bruce in the dugout.

Newcastle’s new owners quickly turned to Eddie Howe, who guided them to an 11th-place finish before doing the unthinkable the following season and finishing in the top four.

Despite the sovereign wealth fund being valued at around £315bn at the time of the takeover and the financial benefits of qualifying for the Champions League, Newcastle are yet to really push the boat out when it comes to transfers. And Gary Neville has admitted this has surprised him.

Neville shocked by PIF

In an interview with Eddie Howe on The Overlap, Neville explained why PIF has surprised him during their time at Newcastle. 

“Since the new owners I was expecting something different,” he admitted. “I was expecting for some reason there to be money splashed, there to be certain types of players signed, but it’s been a really, I would say, sensible foundation that has been built over the last two years.”

How much have Newcastle spent on transfers since PIF takeover?

Newcastle have been forced to be slightly more cautious with their spending due to strict Financial Fair Play (FFP) and Profit and Sustainability Rules (PSR).

But the Magpies have still made some key signings since the PIF takeover, with their first big moves coming in January 2022.

The club moved to bring in the likes of Kieran Trippier, Bruno Guimaraes, Chris Wood and Dan Burn in an attempt to avoid relegation. 

Newcastle have since splashed out on big-money signings like Alexander Isak, who arrived for a £63 million fee back in the summer of 2022. 

Isak remains the club’s record signing and according to Football Transfers, Newcastle have spent a total of €440.1 million under PIF.