Newcastle hope to increase the club's revenue. Credit: Getty Images/Stu Forster
New in the Premier League Ownership-related commercial rules face first major test as Newcastle United complete a £25m-a-year shirt sponsorship deal with a Saudi state-funded firm Arabia.
Telegraph Sport understands the proposed multi-year deal has already been handed over to senior management, and there is confidence that the terms of the agreement with Sela are within tighter regulations.
Sela, which has organized sporting events such as the annual Race of Champions, is majority-owned by the Saudi Public Investment Fund (PIF), whose consortium bought Newcastle in 2021.
However, sources close to the talks said that independent estimates showing that the proposed sponsorship deal is at the correct market value have been provided to the league in an attempt to ensure the deal is rejected.
With £1bn in annual revenue, Jeddah-based Sela is the Saudi equivalent of sports giant IMG. He deals with sports rights, theme parks and tourism. Insiders insisted that the deal with Newcastle was viewed internally as an attractive opportunity to build a profile and enter the international market.
A Saudi kit sponsor seemed inevitable after the risky takeover was completed, but clubs are now obligated to do so. to announce any related party deals in accordance with the agreement struck after financial fraud allegations were first leveled against Manchester City in the wake of the Football Leaks scandal.
Telegraph Sport reported this week that the club plans its biggest spending in the summer transfer window. Large commercial transactions can play a key role in offsetting the potential risk of misappropriation of funds.
Before Sela is approved as a replacement for gaming company Fun88 this summer, the Premier League must give the club its green light. Records show that the founder and CEO of Sela Sport is Dr. Rakan Al-Harthi, who is also the director of Qiddiya, a PIF-funded project to create a new «capital of entertainment, sports and the arts». in Saudi Arabia. Sela says on its website that it was launched in 1995 with the aim of «commercializing events in the Kingdom of Saudi Arabia and positioning Saudi events among the world's leading events.»
It is proposed to tighten the rules of sponsorship. in 2021, they were led by rival Newcastle clubs who were desperate to close all available loopholes to prevent the Saudi regime from succeeding, as their fellow City owners had done over a decade ago.
Calls for disruption of the owner. The initially funded sponsors came after allegations were made against Roberto Mancini at Manchester City during the Football Leaks scandal. Mancini, who led City to their first Premier League title in 2012, was allegedly on top of his salary as a consultant to the Al Jazeera sports and cultural club, which is controlled by the City owners in Abu Dhabi.
This season, Premier League champions City have faced 115 financial fraud allegations, but the club has vehemently denied wrongdoing.
This season, Premier League champions City have been accused of 115 allegations of financial fraud, but the club categorically denies wrongdoing.
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