October 07, (THEWILL) – After the Saudi authorities settled its difficulties with beIN Sports over illicit Premier League football streaming, the Saudi-led takeover of Newcastle United appears to be back on track.
The arrangement to end Mike Ashley’s 14-year ownership of the club still needs Premier League permission, but significant progress has been made since beIN and the Saudis reached an agreement on Wednesday.
An agreement between the Saudis and the Premier League is expected to be completed soon, bringing the 18-month dispute to a close.
Due to a diplomatic dispute, the Qatari network beIN has been unable to broadcast in Saudi Arabia for the past four and a half years, but the embargo is poised to be lifted. The station had fought the Newcastle takeover, claiming that the content ban and piracy were harming sports rights holders.
As things stand, the club and the Premier League will go to arbitration over the takeover, with a separate competition law hearing last week confirming that the hearing will begin on January 3.
Saudi Arabia’s Public Investment Fund (PIF) would purchase a controlling 80 percent share in the club as part of the takeover.
The consortium pulled out after the Premier League designated the Saudi stakeholder as a director with control over the club, subjecting it to the league’s owners’ and directors’ test as part of the takeover process.
Last Monday, the Competition Appeals Tribunal heard that beIN and rival Premier League clubs had “improperly influenced” the league’s decision on the takeover.
The broadcaster and the clubs’ “active lobbying” of the Premier League “distorted the Premier League’s fair and objective application of the rules” according to Daniel Jowell QC, acting for St James Holdings Ltd.
Jude Obafemi is a versatile senior Correspondent at THEWILL Newspapers, excelling in sourcing, researching, and delivering sports news stories for both print and digital publications.
