Newcastle's owners have taken a majority stake in four clubs in the Saudi Arabian domestic league.
The Public Investment Fund, which is run by the Saudi royal family, owns Newcastle and other sports outfits.
Now The Mirror states that PIF is buying 75 percent stakes in Saudi clubs including Al-Nassr, Al-Hilal, Al-Ahli, and Al-Ittihad.
The former is the team that Cristiano Ronaldo joined in January, while the latter are signing Karim Benzema from Real Madrid.
Newcastle's owners do not see this as being a multi-club ownership model as yet.
They believe the stakes are only about investing in the sport domestically to see it grow to higher levels.