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According to Football Insider, Newcastle United is in talks with Saudi Arabian aviation operator Riyadh Air about a sponsorship arrangement.
The newly founded airline firm was established five months ago, with hopes to begin flying within the next two years.
However, with a front-of-shirt deal with Spanish powerhouse Atletico Madrid, the corporation has already begun to grow into football sponsorship.
As part of a sponsorship agreement reached on Thursday (10 August), the La Liga team will earn £35 million each year.
The Saudi Arabian Public Investment Fund owns Riyadh Air, and Newcastle chairman Yasir Al-Rumayyan has been appointed CEO.
Due to their ties with the club’s ownership, Riyadh Air were once predicted to become Newcastle’s new jersey sponsor ahead of the 2023/24 season.
Newcastle ended up collaborating with Saudi Arabian business Sela in a £25 million per year agreement, but Riyadh Air is still keen to have their brand in the Premier League and sees Newcastle as an excellent partner.
Any possible arrangement will deepen Newcastle’s ties to Saudi Arabia and PIF, which have already signed agreements with Noon and Sela this summer.
The scope and value of a prospective Riyadh Air relationship are still being discussed, with both parties conscious that any arrangement must pass the Premier League’s fair market value evaluation.
Riyadh Air has not excluded out sponsoring another top-flight English club, but Newcastle’s growing popularity in Saudi Arabia has made them a priority.
In other developments, Newcastle United is working on two more signings following the agreement of the Tino Livramento deal.