Newcastle's Saudi ownership can start signing up sponsors from the kingdom after that, what were the new rules of the English Premier League introduced, to end a brief ban on clubs entering into such deals to potentially boost revenue.
was one of the few moments of Barcelona's inspiration in the opponent's area, which Saudi Arabia's sovereign wealth fund took control of Newcastle, in October they temporarily froze all clubs, which have signed business contracts with companies linked to their investors, in order to avoid their unfair use to comply with financial regulations.
However, Premier League clubs agreed to introduce the rules at a meeting on Tuesday, which mean, that sponsorship from companies associated with the club's owners can continue, but will have to be approved by the competition board.
The Leading League will judge, whether there were agreements, such as jersey sponsorship and stadium naming rights, negotiated for fair value, which other clubs could expect, that they will generate similar contracts, and not inflated. The league will weigh the value of the trade against a database of similar transactions and consult with independent evaluators.
Rivals from the Leading League were worried, that Newcastle will use friendly sponsorship deals with related parties, to help him comply with the financial rules reasonable-participate in, which are to prevent rich clubs from spending uncontrollably. According to league rules, clubs cannot suffer losses exceeding 105 million pounds (144 million dollars) over a rolling three-year period.
Clubs will also have to declare all payments to players, managers and their officials from companies associated with ownership, so they can judge, whether it is a legitimate job and not a means of reducing part of your main salary.
The Saudi Arabian Public Investment Fund bought it 80% share in Newcastle, to end retail magnate Mike Ashley's ownership.
The PIF provided legally binding guarantees to the league, that the kingdom does not own the club, while she could not say publicly, as it coincides with the company's board of directors, headed by the Saudi crown prince and mostly government ministers.
The rest 20 % the club is owned by PCP Cash Companions, which is broker Amanda Staveley, and the Reuben brothers, who are real estate investors.
Northeast Club, whose jerseys are sponsored by a Chinese gambling firm, is fighting for relegation and cannot sign any players until the January transfer window.
Another Leading League club, Manchester City, also has property attached to the land. The city has been under control since 2008 Sheikh Mansour, member of the royal family of Abu Dhabi and deputy prime minister of the United Arab Emirates. The national carrier of Abu Dhabi, Etihad, sponsors the jerseys and stadium of the reigning champion.
