Newcastle ownership under scrutiny as report identifies Saudi PIF as government body
March 3 - The English Premier League have been asked to reconsider a legally binding promise made by the Saudi owners of Newcastle United that the Middle Eastern state would not have control of the club.
The takeover of Newcastle by a consortium led by Saudi Arabia's Public Investment Fund (PIF) was approved in October 2021 after promising the deal was separate from the Saudi government.
However, a US court document filed by lawyers for Saudi-backed LIV Golf in a case against the PGA Tour, revealed this week, claimed that the PIF should be considered "a foreign state" and described the Newcastle President and PIF Governor, Yasir Al-Rumayyan as "Acting Government Minister".
The document therefore appears to contradict the legal assurances given to the Premier League.
Questioning the independence of Newcastle's Saudi owners, Peter Frankental, economic affairs director at Amnesty UK, told the BBC: "The Premier League will surely have to reassess the assurances given on the non- involvement of the Saudi authorities in the Newcastle deal, especially as there is still a Qatari bid for Manchester United currently on the table."
“It was always pushing credulity to the breaking point to imagine that the Saudi state was not directing the takeover of Newcastle with the ultimate aim of using the club as part of its wider efforts sport wash."
"There is an unmistakable irony in the sovereign wealth fund's statement emerging from a dispute over another branch of the growing Saudi sports empire, but the simple fact is that the washout of Saudi sports affects many sports and the governing bodies must respond to them far more effectively.”
At the time of the £300m takeover, Premier League chief executive Richard Masters said that the Saudi state would not control Newcastle and that, if proven untrue, " we can remove the consortium as owners".
Under new ownership, the club left the Premier League relegation zone this season to compete for a place in the Champions League and reached their first domestic cup final last Sunday in 24 years, losing to at Manchester United in the Cup League.
Contact the author of this story at moc.l1677963778labto1677963778ofdlr1677963778owedi1677963778sni@w1677963778ahsra1677963778w.wer1677963778dna1677963778
March 3 - The English Premier League have been asked to reconsider a legally binding promise made by the Saudi owners of Newcastle United that the Middle Eastern state would not have control of the club.
The takeover of Newcastle by a consortium led by Saudi Arabia's Public Investment Fund (PIF) was approved in October 2021 after promising the deal was separate from the Saudi government.
However, a US court document filed by lawyers for Saudi-backed LIV Golf in a case against the PGA Tour, revealed this week, claimed that the PIF should be considered "a foreign state" and described the Newcastle President and PIF Governor, Yasir Al-Rumayyan as "Acting Government Minister".
The document therefore appears to contradict the legal assurances given to the Premier League.
Questioning the independence of Newcastle's Saudi owners, Peter Frankental, economic affairs director at Amnesty UK, told the BBC: "The Premier League will surely have to reassess the assurances given on the non- involvement of the Saudi authorities in the Newcastle deal, especially as there is still a Qatari bid for Manchester United currently on the table."
“It was always pushing credulity to the breaking point to imagine that the Saudi state was not directing the takeover of Newcastle with the ultimate aim of using the club as part of its wider efforts sport wash."
"There is an unmistakable irony in the sovereign wealth fund's statement emerging from a dispute over another branch of the growing Saudi sports empire, but the simple fact is that the washout of Saudi sports affects many sports and the governing bodies must respond to them far more effectively.”
At the time of the £300m takeover, Premier League chief executive Richard Masters said that the Saudi state would not control Newcastle and that, if proven untrue, " we can remove the consortium as owners".
Under new ownership, the club left the Premier League relegation zone this season to compete for a place in the Champions League and reached their first domestic cup final last Sunday in 24 years, losing to at Manchester United in the Cup League.
Contact the author of this story at moc.l1677963778labto1677963778ofdlr1677963778owedi1677963778sni@w1677963778ahsra1677963778w.wer1677963778dna1677963778
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