Premier League clubs block sponsored deals linked to owners: Report
Oct 19, 2021
London [UK], October 19 : Premier League clubs on Monday voted to impose a temporary freeze on any of them signing commercial arrangements with businesses their owners are associated with.
As per Sky Sports, the decision was made at an emergency meeting, after concerns were raised that Newcastle United's new Saudi Arabian owners could sign lucrative deals with Saudi state-owned companies. Some 80 per cent of Newcastle is now owned by Saudi Arabia's state sovereign wealth fund.
The clubs passed the amendment with 18 votes in favour and only Newcastle against. Manchester City abstained.
Premier League financial fair play rules allow clubs to make maximum losses of £105m over a rolling three-year period. The temporary freeze will be in place for a month while talks are held about a permanent rule change.
The Premier League, Newcastle United Football Club and St James Holdings Limited on October 7 had settled the dispute over the takeover of the club by the consortium of PIF, PCP Capital Partners and RB Sports & Media.
Notably, the Premier League then received legally binding assurances that the Kingdom of Saudi Arabia will not control Newcastle United Football Club.
