<p>The Premier League has lifted its ban on clubs striking sponsorship agreements with firms linked to their owners -- a move which will allow Newcastle United to sign deals with Saudi Arabian companies. The Premier League confirmed on Tuesday that the temporary ban, introduced in October after the sale of Newcastle United to a consortium led by Saudi Arabia`s Public Investment Fund (PIF), had been lifted.</p>

<p>But any `associated party` sponsorship deals will be subject to a process designed to ensure the deals reflect a "fair market value" and are not a means of distorting revenue to allow for greater spending under Financial Fair Play rules. The Premier League said that such deals will be subject to scrutiny from a special board which will take advice from an independent, external assessor. A data bank, created by the league, will also be used to create comparative assessment based on previous commercial deals.</p>

<p><strong>ALSO READ |&nbsp;</strong><a href="https://www.wionews.com/sports/pierre-emerick-aubameyang-removed-as-arsenal-captain-after-disciplinary-breach-436865"><strong>Pierre-Emerick Aubameyang removed as Arsenal captain after disciplinary breach</strong></a></p>

<p>Newcastle had been critical of the rule which they felt could limit their ability to strike deals, as their owners look to improve and develop the club and its squad. Newcastle are currently next to bottom in the Premier League but are expected to use the January transfer window to bring in new players.</p>

<p>The takeover of the club by the Saudi-led consortium, faced a lengthy approval process from the Premier League amid concerns that the Saudi government was, in effect, becoming a club owner. The Premier League, who came under pressure to block the deal, said it had received “legally binding” assurances that there was clear separation between PIF and the kingdom of Saudi Arabia, despite PIF being chaired by the Saudi Crown Prince Mohammed bin Salman.</p>


The Premier League has lifted its ban on clubs striking sponsorship agreements with firms linked to their owners -- a move which will allow Newcastle United to sign deals with Saudi Arabian companies.

The Premier League has lifted its ban on clubs striking sponsorship agreements with firms linked to their owners -- a move which will allow Newcastle United to sign deals with Saudi Arabian companies. The Premier League confirmed on Tuesday that the temporary ban, introduced in October after the sale of Newcastle United to a consortium led by Saudi Arabia`s Public Investment Fund (PIF), had been lifted. But any `associated party` sponsorship deals will be subject to a process designed to ensure the deals reflect a "fair market value" and are not a means of distorting revenue to allow for greater spending under Financial Fair Play rules. The Premier League said that such deals will be subject to scrutiny from a special board which will take advice from an independent, external assessor. A data bank, created by the league, will also be used to create comparative assessment based on previous commercial deals. ALSO READ | Pierre-Emerick Aubameyang removed as Arsenal captain after disciplinary breach Newcastle had been critical of the rule which they felt could limit their ability to strike deals, as their owners look to improve and develop the club and its squad. Newcastle are currently next to bottom in the Premier League but are expected to use the January transfer window to bring in new players. The takeover of the club by the Saudi-led consortium, faced a lengthy approval process from the Premier League amid concerns that the Saudi government was, in effect, becoming a club owner. The Premier League, who came under pressure to block the deal, said it had received “legally binding” assurances that there was clear separation between PIF and the kingdom of Saudi Arabia, despite PIF being chaired by the Saudi Crown Prince Mohammed bin Salman.

Huge relief! Newcastle United cleared to make Saudi deals if 'fair value'

<p>English Premier League has approved the stunning and long-awaited takeover of Newcastle United on Thursday (October 7) as the club is now under new Saudi ownership after Mike Ashley agreed to a £305 million deal.&nbsp;</p>

<p>Releasing a statement, the league confirmed that Premier League, Newcastle United and St James Holdings Limited have "settled the dispute" over the takeover of the club by the consortium of PIF, PCP Capital Partners and RB Sports &amp; Media.&nbsp;</p>

<p>The statement added, "Following the completion of the Premier League's owners' and directors' Test, the club has been sold to the consortium with immediate effect. The legal disputes concerned which entities would own and/or have the ability to control the club following the takeover."&nbsp;</p>

<p><strong>ALSO READ | <a href="https://www.wionews.com/sports/quiet-please-wimbledon-proud-to-stay-silent-on-issues-says-ceo-sally-bolton-418965">'Quiet please': Wimbledon proud to stay silent on issues, says CEO Sally Bolton</a></strong></p>

<div class="ui-state-default" contenteditable="false">
<div class="twitter-block" draggable="false">
<blockquote class="twitter-tweet">
<p dir="ltr" lang="en">🤝 An investment group led by the Public Investment Fund, and also comprising PCP Capital Partners and RB Sports &amp; Media, has completed the acquisition of 100% of Newcastle United Limited and Newcastle United Football Club Limited from St. James Holdings Limited.<br />
<br />
⚫️⚪️</p>
— Newcastle United FC (@NUFC) <a href="https://twitter.com/NUFC/status/1446149626801889281?ref_src=twsrc%5Etfw">October 7, 2021</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
<a class="close-mark close-div" href="#" id="jqclosemark">×</a></div>

<div class="ui-state-default" contenteditable="false">
<div class="twitter-block" draggable="false">
<blockquote class="twitter-tweet">
<p dir="ltr" lang="en">An eventful day! The end of one era and the start of another. It’s always an honour to captain this special club and I hope that we can all now be United. Exciting times ahead, let’s get us back to where this club should be ⚫️⚪️<a href="https://twitter.com/NUFC?ref_src=twsrc%5Etfw">@NUFC</a> ❤️ <a href="https://t.co/pgKUHDv2PS">pic.twitter.com/pgKUHDv2PS</a></p>
— Jamaal Lascelles (@Lascelles16) <a href="https://twitter.com/Lascelles16/status/1446181340697833480?ref_src=twsrc%5Etfw">October 7, 2021</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
<a class="close-mark close-div" href="#" id="jqclosemark">×</a></div>

<div class="ui-state-default" contenteditable="false">
<div class="twitter-block" draggable="false">
<blockquote class="twitter-tweet">
<p dir="ltr" lang="en">Yesssssssss. We can dare to hope again 👏🏻👏🏻👏🏻 🙋🏼‍♂️⚫️⚪️⚫️⚪️⚫️⚪️ <a href="https://twitter.com/hashtag/NUFC?src=hash&amp;ref_src=twsrc%5Etfw">#NUFC</a></p>
— Alan Shearer (@alanshearer) <a href="https://twitter.com/alanshearer/status/1446153054999486477?ref_src=twsrc%5Etfw">October 7, 2021</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
<a class="close-mark close-div" href="#" id="jqclosemark">×</a></div>

<div class="ui-state-default" contenteditable="false">
<div class="twitter-block" draggable="false">
<blockquote class="twitter-tweet">
<p dir="ltr" lang="en">Takeover complete 👏🏽👏🏽 Amazing news!! So happy for all you fans who’ve waited so long for this day!! What an exciting journey ahead we have 🖤🤍 <a href="https://t.co/Vjw7LtPpbR">pic.twitter.com/Vjw7LtPpbR</a></p>
— Callum Wilson (@CallumWilson) <a href="https://twitter.com/CallumWilson/status/1446175601526706180?ref_src=twsrc%5Etfw">October 7, 2021</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
<a class="close-mark close-div" href="#" id="jqclosemark">×</a></div>

<p>After the deal, Newcastle United's director Amanda Staveley said the club's new Saudi-led ownership aims to win the Premier League within 10 years.&nbsp;</p>

<p>Asked about her vision for Newcastle over the next five to 10 years, Staveley told Sky Sports: "Newcastle United deserves to be top of the Premier League. It will take time, but we will get there."&nbsp;</p>

<p>The Magpies are one of England's best-supported clubs but have not won a major domestic trophy since 1955.&nbsp;</p>

<p><strong>ALSO READ:&nbsp;<a href="https://www.wionews.com/sports/england-cricket-board-chairman-ian-watmore-steps-down-with-immediate-effect-418948">England Cricket Board Chairman Ian Watmore steps down with immediate effect</a></strong></p>

<p>"We want to be great custodians of this club," the British financier added. "What we don't want to be in danger of is over-promising.&nbsp;</p>

<p>"Newcastle is the best team in the world and we want to see it get those trophies, top of the Premier League, in Europe. To get trophies means investment, patience, time."&nbsp;</p>

<p>Yasir Al-Rumayyan, governor of PIF who will become non-executive chairman of Newcastle United, said in&nbsp;a statement that the deal would mean long-term investment to "harness the club's potential and build upon the club's legacy."</p>

<p>"We are extremely proud to become the new owners of Newcastle United, one of the most famous clubs in English football. We thank the Newcastle fans for their tremendously loyal support over the years and we are excited to work together with them," he said.&nbsp;</p>

<p><em>(With inputs from agencies)</em></p>


English Premier League has approved the stunning and long-awaited takeover of Newcastle United on Thursday (October 7) as the club is now under new Saudi ownership after Mike Ashley agreed to a £305 million deal.

English Premier League has approved the stunning and long-awaited takeover of Newcastle United on Thursday (October 7) as the club is now under new Saudi ownership after Mike Ashley agreed to a £305 million deal. Releasing a statement, the league confirmed that Premier League, Newcastle United and St James Holdings Limited have "settled the dispute" over the takeover of the club by the consortium of PIF, PCP Capital Partners and RB Sports & Media. The statement added, "Following the completion of the Premier League's owners' and directors' Test, the club has been sold to the consortium with immediate effect. The legal disputes concerned which entities would own and/or have the ability to control the club following the takeover." ALSO READ | 'Quiet please': Wimbledon proud to stay silent on issues, says CEO Sally Bolton 🤝 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 × An eventful day! The end of one era and the start of another. It’s always an honour to captain this special club and I hope that we can all now be United. Exciting times ahead, let’s get us back to where this club should be ⚫️⚪️@NUFC ❤️ pic.twitter.com/pgKUHDv2PS — Jamaal Lascelles (@Lascelles16) October 7, 2021 × Yesssssssss. We can dare to hope again 👏🏻👏🏻👏🏻 🙋🏼‍♂️⚫️⚪️⚫️⚪️⚫️⚪️ #NUFC — Alan Shearer (@alanshearer) October 7, 2021 × Takeover complete 👏🏽👏🏽 Amazing news!! So happy for all you fans who’ve waited so long for this day!! What an exciting journey ahead we have 🖤🤍 pic.twitter.com/Vjw7LtPpbR — Callum Wilson (@CallumWilson) October 7, 2021 × After the deal, Newcastle United's director Amanda Staveley said the club's new Saudi-led ownership aims to win the Premier League within 10 years. Asked about her vision for Newcastle over the next five to 10 years, Staveley told Sky Sports: "Newcastle United deserves to be top of the Premier League. It will take time, but we will get there." The Magpies are one of England's best-supported clubs but have not won a major domestic trophy since 1955. ALSO READ: England Cricket Board Chairman Ian Watmore steps down with immediate effect "We want to be great custodians of this club," the British financier added. "What we don't want to be in danger of is over-promising. "Newcastle is the best team in the world and we want to see it get those trophies, top of the Premier League, in Europe. To get trophies means investment, patience, time." Yasir Al-Rumayyan, governor of PIF who will become non-executive chairman of Newcastle United, said in a statement that the deal would mean long-term investment to "harness the club's potential and build upon the club's legacy." "We are extremely proud to become the new owners of Newcastle United, one of the most famous clubs in English football. We thank the Newcastle fans for their tremendously loyal support over the years and we are excited to work together with them," he said. (With inputs from agencies)

Premier League approves as Saudi-led consortium completes £305 million deal to gain control of Newcastle

newcastle-united-deal

Newcastle United Deal, News on Newcastle United Deal, stories on Newcastle United Deal, articles on Newcastle United Deal, Newcastle United Deal stories at Wion, Newcastle United Deal news, Newcastle United Deal latest news

newcastle united-deal

Huge relief! Newcastle United cleared to make Saudi deals if 'fair value'

Premier League approves as Saudi-led consortium completes £305 million deal to gain control of Newcastle