Newcastle United's new Saudi ownership prompted English Premier League clubs to take steps on Monday to prevent the club from quickly establishing lucrative sponsorship deals with companies tied to it.
A person familiar with the decision told The Associated Press that clubs had an emergency meeting to put a stop to any of them consenting to commercial deals with companies whose owners are involved. The source talked on the condition of anonymity in order to confirm aspects of a report published late Monday by The Guardian.
Newcastle's Premier League competitors are concerned that the club may use friendly sponsorship deals with linked firms to help it comply with financial fair play rules, which prohibit wealthy clubs from spending excessively. Clubs are allowed to lose a total of 105 million pounds ($144 million) over a rolling three-year period under league rules.
Newcastle will not be able to bring in sponsorship tied to PIF until a league working group develops new long-term regulations, as a result of the clubs' vote on Monday.
Source: transfermarketweb.com