The sale of Newcastle United by retail billionaire Mike Ashley to a consortium backed by Saudi Arabia’s sovereign wealth fund looks increasingly at risk.
At present the power rests with the Premier League who are currently putting the consortium of Saudi Arabia’s Public Investment Fund, the billionaire Reuben Brothers, and dealmaker Amanda Staveley’s PCP Capital through its owners’ and directors’ test.
A detailed report from MarkMonitor in April 2019 forms the backbone of the evidence supporting the link between the Saudi establishment and the Arabsat satellites used to broadcast to the beoutQ boxes. beIN claim a $1 billion loss of revenue over a six month period as subscriptions and advertising revenue has plummeted.
” have been passed to the Premier League that forge a closer connection to the Saudi establishment and the beoutQ box. The consortium claims to have approached nine law firms in an effort to take action in Saudi Arabia. A rather forlorn statement on the FIFA website reads that each of the nine law firms, “either simply refused to act on our behalf or initially accepted the instruction, only later to recuse themselves.”, Qatar has brought a case against Saudi Arabia with the World Trade Organization for alleged intellectual property breaches.
However, since the coronavirus pandemic landed in March, Saudi Arabia is simply not as rich as it once was. The oil-rich nation’s economy has gone through some dramatic changes, the purchase of a vanity asset like Newcastle United might not be as high on the country’s agenda.
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