European football is no stranger to billionaire investors, and after the coronavirus lockdown, the new deep-pocketed bidder to show interest in purchasing a franchise shook up the English Premier League while it lay dormant. The Public Investment Fund (PIF) of Saudi Arabia, headed by Saudi Crown Prince Mohammed bin Salman, is part of a group of three groups seeking to purchase Newcastle United. PCP Capital Partners, venture capital and private equity company managed by British businesswoman Amanda Staveley, and Reuben Brothers, private equity and real estate firm, being the other partners. The suggested takeover heralds an overdue reform for Newcastle supporters. Under Ashley's tenure, Newcastle, a dominant force in English football during the 1990s, suffered two relegations. Fan anger was also faced with the decision to briefly rename the club stadium as The Sports Direct Arena in 2011. The Ashley regime's animosity presumably explains why a Newcastle United Supporters Trust poll in April showed that 96.7% of the more than 3,397 fans surveyed were in favor of the new ownership party battling the PCP. The expectation is that more capital will be pumped into the club by the new owners to bring Newcastle back to the top of English football. After the takeovers by Russian billionaire Roman Abramovich and Abu Dhabi ruler Sheikh Mansour respectively, Chelsea and Manchester City served as a model for courting big-name signings. In specific, the Abu Dhabi United Group was swift to pour money into Manchester City. Maguire notes that in 2008, the summer after Sheikh Mansour took over, the club spent £ 62 million on acquisitions, which included shattering the British transfer record in the acquisition of Brazilian forward Robinho. That was about 12 times what the club had invested the previous year, and only in the years that followed did City's outgoings on players rise. Two seasons away, David Silva, Yaya Touré, Mario Balotelli and Edin Džeko were all brought in when £ 165 million ($ 204 million) was spilled on transfers in 2011, according to Maguire; the season after that came Sergio Aguero, who helped earn City its first league title in a glorious way for more than 40 years. Simon Gleave, head of sports research at data provider Gracenote, stated that it is understood that richer teams are more successful over the long run than their competitors with less money. The investment made by the owners made Manchester City competitive with the other English clubs in the transfer market, strengthening the side to the extent where they could fight for trophies on a daily basis. Overspending does have effects. For the next two seasons, City was suspended from the Champions League for breaching FFP laws, but the club has called the allegations "completely false" and is appealing the ruling. Nasser Al-Khelaifi, president of the French side of Paris Saint-Germain (PSG), owned by the Qatar Sports Investments (QSI) sovereign wealth fund, has also been investigated for irregular spending by UEFA. Since QSI took charge of the club in 2011, PSG has won the Ligue 1 championship seven times. Further, Amnesty, a human rights organisation, claimed that the interest of Saudi Arabia in Newcastle serves as a PR instrument to detract from the abysmal record of human rights in the region, while Hatice Cengiz said the takeover would tar the Premier League.
This Article Does Not Intend To Hurt The Sentiments Of Any Individual Community, Sect, Or Religion Etcetera. This Article Is Based Purely On The Authors Personal Views And Opinions In The Exercise Of The Fundamental Right Guaranteed Under Article 19(1)(A) And Other Related Laws Being Force In India, For The Time Being.
Tags : #BillionaireSport