Premier League clubs oppose Newcastle takeover by Saudi-led consortium
The Guardian reports that the other 19 top flight clubs are united in their opposition of Newcastle United's sale to a Saudi Arabian investment fund.
Premier League clubs are not happy with the sale of Newcastle United and are pushing to organise a meeting at some point over the next few days to discuss the situation. According to The Guardian, the other 19 clubs in the top flight are united in their opposition of the 300 million pound takeover of Newcastle by a Saudi-led consortium and are demanding answers as to why they were informed of the deal at such short notice and why the situation changed so quickly during the past few days. The Guardian points out that the meeting isn't an attempt to block the club's sale because it is too late for that but to understand the motives which have led to the deal suddenly being approved by the Premier League.
All of the clubs have expressed concern for what has happened to Newcastle - the club is now is 80% controlled by a Saudi public investment fund when just a few months ago, the original bid was withdraw as it did not comply with the league's legislative requirements. It is understood, The Guardian adds, that the arrival of a new multimillionaire owner to the Premier League will stoke inflation, resulting in rises in transfer fees and players' wages.
🤝 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
Premier League CEO Richard Masters and president Gary Hoffman have received complaints from the remaining clubs wanting to know why they were left in the dark about the takeover. The consortium first approached Newcastle in March 2020 but the bid fell through four months later.
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