The Saudi takeover of Newcastle United is under the spotlight again, so this time will we get the truth about how it was approved by the Premier League? twoht
Perhaps the biggest surprise is that anybody has been terribly surprised. The news that there may be fewer degrees of separation between the Public Investment Fund that bought Newcastle United in October 2021 than had been claimed at the point that the takeover was finally waved through doesn’t feel that shocking. After all, over the last 16 months or so there has been a common assumption that they were one and the same outside of official circles.
When the PIF submitted its original bid to purchase Newcastle, the Premier League was concerned that it was indirectly approving the sale of a football club to an entity accused of harming one of its major commercial partners: beIN Sports, the Qatari broadcasters who hold Premier League broadcasting rights across the Middle East.
In January 2021, the blockade was resolved, and beIN was eventually made available in Saudi Arabia again. But in confirming their approval of the sale of Newcastle to the PIF, the Premier League required their legally binding assurances. But this always raised significant questions, primarily what were these “legally binding assurances”, why it was so important that they remained confidential, and what would actually happen if those assurances did ultimately end up having been built on sand.
By the time the other clubs mobilised, it was too late for them to do anything about the takeover having gone through, but they did force through new rules on related party transactions, intended to stem the flow of money into clubs from this sort of takeover. Premier League chairman Gary Hoffman left his role a month later, pushed out by clubs unhappy at the league’s lack of transparency over all of this.
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