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Newcastle takeover will be test of new Premier League rules

The Saudi Arabia backed deal to take over Newcastle United will be the first test of the Premier League's strengthened takeover rules. The deal is being structured through an investment vehicle created by British financier Amanda Staveley.

Saudi Arabia's Public Investment Fund steered by Crown Prince Mohammed bin Salaman is providing 80 per cent of the funds. Ms Staveley is personally putting up 10 per cent with 10 per cent coming from her PCP private equity firm in which David and Simon Reuben, the British property investors, are expected to take part.

The Premier League tightened up its rules to bar individuals if they had committed an act in a foreign jurisdiction that would be considered a criminal offence in the UK, even if illegal in their home territory. Activists such as Amnesty International have applied pressure by describing the Newcastle takeover as an attempt to 'sportswash' Saudi Arabia's poor human rights record.

The process of clearing the takeover could take weeks to complete. However, it is unlikely to be blocked because of the broader economic, military and political relationship between the UK and Saudi Arabia.

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