December 15 – Newcastle United will be allowed sponsorship deals with Saudi Arabian companies as long as the Premier League considers them “fair market value”.
It was announced on Tuesday that Premier League shareholders had removed the temporary block put on the club since it was controversially taken over by a Saudi-led consortium.
A number of clubs were reportedly opposed to the £305 million takeover, one reason being concern Newcastle could sign deals with companies closely aligned to the Saudi Arabian Public Investment Fund that provided much of the finance for the takeover.
While the new arrangement won’t prevent Newcastle striking deals with Saudi companies, the club, crucially, will not be able to land contracts that are artificially boosted in order to get round Financial Fair Play.
Unconfirmed reports said only two clubs, Newcastle – currently battling against relegation and desperate to sign new players – and title-chasing Middle East-financed Manchester City voted against the new rules.
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