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Saudi Arabia-led consortium completes acquisition of Newcastle United – Soccer Sports

Saudi Arabia-led acquisition Newcastle United It was completed by the Public Investment Fund (PIF) buying a Premier League club for over £ 300m.

Newcastle hasn’t been a British champion since 1927 and hasn’t won domestic silverware since 1955, and fans believe the acquisition will break them out of the ordinary. In seven games of the Premier League season, Newcastle haven’t won the game yet, surpassing Norwich City in 19th place.

After reaching an agreement in April 2020, the acquisition will end the 18-month impasse. However, PIF, the world’s largest sovereign wealth fund, did not pass the Premier League owners and directors’ tests at the time. Create a deadlock that has been resolved after intensive discussions over the last few weeks.

Officially, the Premier League has privately shown that it is pleased with the consortium’s provision of evidence that Saudi Arabia cannot control Newcastle. The Premier League declined to comment on ESPN when contacted to explain how ESPN did this.

“The Premier League, Newcastle United Football Club and St. James Holdings Limited have today resolved the dispute over the acquisition of the club by a consortium of PIF, PCP Capital Partners and RB Sports & Media,” the Premier League statement said. “After the Premier League owners and directors tests were completed, the club was sold to the consortium and took effect immediately.

“Legal disputes over entities that own and / or have the ability to control the club after the acquisition. All parties need a settlement to end the long uncertainty of fans regarding the ownership of the club. I agreed.

“The Premier League currently has a legally binding guarantee that the Kingdom of Saudi Arabia will not control the Newcastle United Football Club. All parties give certainty and clarity to the Newcastle United Football Club and its fans. I am happy to have completed the process. “

However, given Saudi Arabia’s human rights records and the 2018 killing of journalist Jamal Khashoggi, the deal could face strong public opposition in many regions.

Kashoghi was critical of the Saudi government and was killed In an act determined by the United States Government It was ordered directly by Prince Mohammed Bin Salman, the ruler of Saudi Arabia and chairman of the PIF.

Amnesty International called on the Premier League on Thursday to focus on human rights issues and “sports washing.”

Amnesty International’s Sacha Deshmuk said, “Rather than allowing people involved in serious human rights abuses to participate in British football just because they have deep pockets, they are the owners and directors of the Premier League. We requested that the tests be modified to address human rights issues. ” ..

“The phrase” human rights “does not appear in the tests of owners or directors, even though British football appears to comply with FIFA standards.

“We have sent a new human rights test proposed to the Premier League, and we call on them to overhaul their standards in this regard.”

As part of an agreement with Newcastle, PIF will acquire an 80% stake, private equity firm Ruben Brothers will pay a 10% stake, and British businessman Amanda Stavely will take over her role in brokering transactions. You will receive 10%.

Stabley said about the deal: “This is a long-term investment. I’m excited about Newcastle United’s future prospects. Instilling a unified philosophy throughout the club, establishing a clear purpose, and Newcastle United’s big long-term achievements. ..

“Our ambition is to be in line with our fans. We regularly compete for major trophies to create a consistently successful team that creates pride around the world.”

Sources told ESPN that the sudden change was triggered in Saudi Arabia after a four-year debate over Qatar-owned broadcaster beIN Sports over the right to broadcast the Premier League in the Middle East, as the government blocked the signal. Said.

The content was subsequently pirated by Saudi Arabia-operated broadcaster beoutQ, and beIN Corporation began international investment arbitration in Saudi Arabia seeking damages totaling more than $ 1 billion.

The World Trade Organization ruled last year that Saudi Arabia helped violate international piracy laws related to beoutQ, but the beIN channel is still open, despite allowing it to correct the problem. It was not fully shown in this area.

The arbitration process continued, but sources told ESPN that Saudis were aware that their defense could fail and instead seek a settlement with beIN Corporation.

Now that the issue of piracy has been resolved, the Premier League is no longer in conflict with Saudi Arabia, but it’s not the end of the broadcast rights line, but a PIF that proves it’s a separate organization from the national government. Claims to be an important factor.

Information from Reuters was used in this report.

– Soccer Sports

Saudi Arabia-led consortium completes acquisition of Newcastle United

https://www.espn.com/soccer/newcastle-united-engnewcastle/story/4492706/saudi-arabian-takeover-of-newcastle-nears-completion-sources Saudi Arabia-led consortium completes acquisition of Newcastle United

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