According to reports from The Times, ‘fresh doubt has been cast’ on the proposed takeover of Newcastle United by the Saudi consortium.
A potential £300million buyout of the club, brokered by Amanda Staveley’s PCP Capital Partners but bankrolled by the Saudi Arabian Public Investment Fund, who will own 80% of the Magpies, is going through the Premier League’s Owners and Directors checks.
However, Saudi investors are facing objections regarding violations of human rights and piracy issues. The latest report claims that the Premier League has been sent a ruling by the World Trade Organisation which states that the kingdom of Saudi Arabia is behind pirate satellite TV service beoutQ.
The Premier League have received the 123-page ruling from WTO which is ‘expected to be made public next month’.
The PIF is the country’s sovereign wealth fund and is overseen by the Crown Prince Mohammed bin Salman.
The Premier League had tried to take legal action in Saudi Arabia against piracy previously but had failed in their attempt. Therefore it is a very complex process, and the Premier League is taking time to deliver the final verdict.
However, sources close to the takeover consortium has revealed to The Times that there has been no request from the Premier League for an explanation on the WTO ruling.