Newcastle takeover completed
During the last international break, the news that Newcastle had been subject to a successful takeover broke, sending shockwaves through the Premier League.
🤝 An investment group led by the Public Investment Fund, and also comprising PCP Capital Partners and RB Sports & Media, has completed the acquisition of 100% of Newcastle United Limited and Newcastle United Football Club Limited from St. James Holdings Limited.
— Newcastle United FC (@NUFC) October 7, 2021
The Saudi Arabai Public Investment Fund (PIF), now in control of the Tyneside club, are worth an approximate 500 billion, dwarfing the 20 billion estimates worth of Paris Saint Germain, previously the richest club in the world.
The move brought an end to 14 years of austerity that was overseen by Mike Ashley, and injected hope back into the fans, who had grown tired and angry with the boring and dull style of football.
Their new takeover did not get off to the best start, however, as the Magpies fell to a 3-1 defeat to Tottenham Hotspur on Sunday afternoon in the first game under their new owners. And now, they could face further straight-jacketing from the rest of the Premier League.
Premier League clubs vote to suspend new sponsors
Now, as per Adam Crafton of The Athletic, Premier League clubs have voted by a margin of 18-1, with Manchester City abstaining, to enforce a three week suspension on new sponsorship deals from “related parties”.
🚨PL vote for 3-week block on sponsorship deals from “related parties” (ie linked to owners)
🚨Aimed at #NUFC
🚨18 clubs voted in favour, #nufc against & #mcfc abstained: both argued unlawful
🚨#mcfc legal advice says it would see PL acting as a cartel https://t.co/sVLpIGJkXH
— Adam Crafton (@AdamCrafton_) October 18, 2021
In essence, this means that Newcastle cannot inflate their sponsorship income in order to sidestep financial fair play, something that Manchester City are currently on trial for. As a result, this means that the new owners cannot invest the amounts that the Citizens did, in theory making it harder for them to reach the very top through sheer financial power alone.
It remains unclear as to whether this will become a longer ban, or whether it is more just a statement of intent from Premier League clubs.
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