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Soccer-Premier League sponsorship rule shows clubs are worried - Saudi minister

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By Reuters
Soccer-Premier League sponsorship rule shows clubs are worried - Saudi minister
Soccer-Premier League sponsorship rule shows clubs are worried - Saudi minister   -   Copyright  Thomson Reuters 2021   -  

<div> <p> – Premier League clubs passing a temporary rule to stop teams from agreeing sponsorship deals with companies linked to their owners shows Newcastle United’s rivals are worried, Saudi Arabia’s Finance Minister Mohammed Al-Jadaan said on Thursday.</p> <p>Newcastle were taken over earlier this month for 305 million pounds ($420.50 million) by a consortium 80%-led by Saudi Arabia’s <span class="caps">PIF</span> sovereign wealth fund which is chaired by the Saudi Crown Prince Mohammed bin Salman.</p> <p>Tuesday’s Guardian newspaper reported that Newcastle were the only club to vote against the new sponsorship rule which was approved by 18-1 at an emergency meeting on Monday.</p> <p>Manchester City, owned by Abu Dhabi’s Sheikh Mansour, abstained, according to the report.</p> <p>The new rule will be in force for one month while a working party looks at whether to make the arrangement permanent.</p> <p>The Premier League approved the Newcastle takeover after receiving “legally binding” assurances there was clear separation between <span class="caps">PIF</span> and the kingdom of Saudi Arabia.</p> <p>Al-Jadaan told <span class="caps">CNBC</span> https://twitter.com/CNBCMiddleEast/status/1451035514862145544 he did not know the “technicalities of the association in the UK (the Premier League).</p> <p>“But I would say if people are worried about competition amongst clubs, and particularly now that we have invested in one of them, possibly it’s a good sign that there is potentially a serious competitor coming their way.</p> <p>“It’s good for the whole football community.</p> <p>“Sponsorship, particularly, we do sponsorship not only with clubs that we own, we do sponsorship with different clubs… There will be plenty of opportunities for sponsors,” he added.</p> <p>“I don’t follow football but I could tell you I wish they (Newcastle) would see the ambition come through and I’m really confident that with investments coming their way in the community and stadium, I think we’ll see an enhanced club.”</p> <p>Newcastle manager Steve Bruce departed the club by mutual consent on Wednesday after a winless start to the Premier League season left the team in the relegation zone after eight games.</p> <p>($1 = 0.7253 pounds)</p> <p/> </div>