Chelsea and Liverpool could be the next clubs targeted by oil-rich Saudi Arabia as the Gulf state look to expand their investment in the Premier League, raising questions about their stake in Newcastle United.

The Saudi-based Public Investment Fund (PIF) completed their £300m acquisition of Newcastle in October 2021. The fund controls a huge portion of assets and companies worth nearly a trillion pounds, investing money on behalf of the Saudi government.

The Magpies were given funds to spend big in their first transfer window in January 2022 but have been hamstrung by the Premier League's PSR regulations since then, halting their aims to break up the traditional 'Big Six'.

According to The Independent, there is a 'feeling' that the Saudi powerbrokers are now considering buying control of a bigger club - and rumours are 'abound' that Chelsea and Liverpool are among those under consideration.

Liverpool have been owned by the Fenway Sports Group since 2010, with Tom Werner and John W. Henry preferring to take a backseat role in the running of the club. The American pair have also expressed an interest in welcoming outside investment, sparking speculation they could open to selling shares.

Chelsea have been owned by BlueCo since May 2022 after Todd Boehly's consortium green-lit their £4.25bn takeover, which included a £1.75bn investment pledge.

But Boehly and co-controlling owner Behdad Eghbali have been widely criticised for a string of major decisions inside the club.

While fans have made clear their dissent towards the Clearlake Capital regime, it remains to be seen if a Saudi-backed group would be welcomed at their expense.

American billionaire Boehly does hold a positive relationship with officials in the Arabian gulf. The two parties dealt with one another when agreeing the transfers of N'Golo Kante, Kalidou Koulibaly and Edouard Mendy to the Saudi Pro League in the summer of 2023.

But the 49-year-old financier made it clear he has no intention of selling his stake, as he has an ambitious 10-year plan for the club which is shared by Clearlake.

Any Saudi involvement in owning a second Premier League club would surely raise questions from other clubs in the top division due to the current rules in place.

The Owners' and Directors' Test prevents anyone from controlling the management of more than one English league club. Additionally, anyone who owns more than 30 per cent of a Premier League club is not eligible to own another club.

It could also prompt another review into the Saudi government's involvement with Newcastle, which has been under scrutiny since the PIF's takeover three years ago.