The Newcastle United takeover has caused several Premier League clubs to share their disapproval of the sale. Now it seems these parties are looking to close up loopholes that the Saudi Arabian Public Investment Fund could use.
Sky Sports reports that Premier League sides voted to impose a momentary freeze on any of them signing business and sponsorship deals with companies that have ties to their club’s owners.
Following the sale of Newcastle that saw PIF assume 80-percent of shares, the other 19 clubs called for a meeting, fearing the opportunity that Newcastle’s new owners could sign lucrative deals with Saudi state-owned companies.
As a result, 18 clubs, including Tottenham Hotspur, voted in favor of the freeze. The only two clubs that didn’t vote in favor were Newcastle, who voted against; meanwhile, Manchester City abstained as their lawyers told them the vote was unlawful.
The temporary freeze will last for a month as talks continue concerning a permanent rule change. Premier League financial fair play regulations permit clubs to obtain maximum losses of £105-million across a rolling three-year span.