Breaking: Premier League clubs have voted to block takeover by rich men

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Premier League clubs

After the takeover of wealthy owners, English Premier League clubs opted to temporarily prohibit teams from signing lucrative sponsorship deals.

The move comes soon after Newcastle was bought for £305 million by Saudi Arabia, making them the richest club in the world. Newcastle, on the other hand, was about to sign fresh sponsorship deals.

“The hostility among Premier League clubs to the Newcastle United takeover was underlined on Monday when they voted through legislation designed to prevent the Saudi owners from striking lucrative sponsorship deals,” the Guardian reported.

At an emergency meeting earlier this week, 18 of the Premier League’s 20 clubs voted in favor of the suspension.

Newcastle, predictably, voted no, while Manchester City abstained. Both clubs questioned the move’s legality.

The restriction on big-money ownership takeovers will be in place for one month as a result of the final verdict, while the arguments continue. Meanwhile, Newcastle are preparing for their trip to London this weekend to face Crystal Palace.

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