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Deconstructing the controversy around the Saudi takeover of Newcastle United
This episode is also available as a blog post: http://sportslawandpolicyreviewreporter.com/2021/10/26/deconstructing-the-controversy-around-the-saudi-takeover-of-newcastle-united/
DECONSTRUCTING THE CONTROVERSY AROUND THE SAUDI TAKEOVER OF NEWCASTLE UNITED
The English Premier League is at a crucial juncture in football history right now. The takeover of the historic Newcastle United Football Club, a process that commenced in April 2020, was completed on 7th October 2021. Marred by controversies for 19 months, a consortium led by the Public Investment Fund of Saudi Arabia (PIF) has finally got ownership of the club for a price of $413 million. However, the legal challenges are far from over, as other clubs in the Premier League have raised objections over the takeover.
The 19 other teams in the league held an emergency meeting on 18th October where they voted to temporarily block teams from striking commercial deals with businesses that have links to their owners. These deals are called Related Party Transactions and have always been a contentious issue in European football. They allege that the EPL failed to apply its Owners’ and Directors Test properly on the Saudis, while Newcastle is liable to breach regulations of the Financial Fair Play rules.
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By SLPRR ADMINThis episode is also available as a blog post: http://sportslawandpolicyreviewreporter.com/2021/10/26/deconstructing-the-controversy-around-the-saudi-takeover-of-newcastle-united/
DECONSTRUCTING THE CONTROVERSY AROUND THE SAUDI TAKEOVER OF NEWCASTLE UNITED
The English Premier League is at a crucial juncture in football history right now. The takeover of the historic Newcastle United Football Club, a process that commenced in April 2020, was completed on 7th October 2021. Marred by controversies for 19 months, a consortium led by the Public Investment Fund of Saudi Arabia (PIF) has finally got ownership of the club for a price of $413 million. However, the legal challenges are far from over, as other clubs in the Premier League have raised objections over the takeover.
The 19 other teams in the league held an emergency meeting on 18th October where they voted to temporarily block teams from striking commercial deals with businesses that have links to their owners. These deals are called Related Party Transactions and have always been a contentious issue in European football. They allege that the EPL failed to apply its Owners’ and Directors Test properly on the Saudis, while Newcastle is liable to breach regulations of the Financial Fair Play rules.