English Premiership

Premier League approve €300m Newcastle takeover deal

2020-05-22 09:10
Steve Bruce
Steve Bruce (Getty Images)

The Premier League has reportedly approved the Saudi-backed €300 million takeover deal of Newcastle United with an announcement expected to be made around 1 June.

The Public Investment Fund of Saudi Arabia - led by Crown Prince Mohammed bin Salman - is believed to be close to completing an 80% stake in the club, according to The Sun.

The bid is believed to have passed the league's safe and proper persons' test with the last details set to be completed before an announcement is made.

The takeover has been highly criticised due to Saudi Arabia's human rights transgressions with the fiancee of murdered dissident journalist Jamal Khashoggi warning that the takeover would "tarnish" the reputation of the competition.

Khashoggi, a Washington Post contributor and US resident, was killed in 2018 while at Saudi Arabia's consulate in Istanbul to obtain paperwork ahead of his wedding to Hatice Cengiz.

Meanwhile, Arsene Wenger believes that UEFA Financial Fair Play Regulations must be more flexible to facilitate investment in smaller Premier League clubs, such as Newcastle.

Wenger feels that "emerging clubs", as Newcastle would be with added investment, should be permitted to spend and challenge the established European elite.

"I am in favour of measures that reinforce checks around club management, over measures that restrict and limit," he told L'Equipe.

"We should value quality management and encourage it.

- Compiled by Baden Gillion

 

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