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Premier League clubs block sponsorship deals linked to their owners

Tue 19 October 2021 | 11:21

The move is intended to prevent Newcastle from signing lucrative sponsorship deals with Saudi state-owned companies.

Public Investment Fund of Saudi Arabia purchased 80% of Newcastle’s shares in a £300 million

takeover

earlier this month. The move, which is set to provide the Magpies with exceptional budgetary opportunities, has been widely controversial.

Premier League clubs held an emergency meeting on Monday, imposing a temporary freeze on sponsorship deals linked to the clubs’ owners. Eighteen clubs have voted in favor of the emergency regulation, with Manchester City and Newcastle being the only clubs against the proposal.

The temporary freeze will remain in place until the clubs reach a new agreement to change the league’s Financial Fairplay rules. The changes are expected to prevent the clubs from getting around the Fairplay rules by signing commercial deals with their owners’ companies.

From Newcastle fans celebrating in Arabian costumes to observers who are pessimistic toward the new owners’ links to Saudi Arabian government, the conversation around the Newcastle takeover is extremely polarized. It remains to be seen whether the temporary freeze will result in new rules, or the new Newcastle owners would follow the footsteps of Manchester City owner Sheikh Mansour.


source: SportMob

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