Premier League clubs are calling for an emergency meeting to discuss the Saudi-backed takeover of Newcastle United. All the other 19 clubs are apparently backing the move, complaining that the brand image of the Premier League could be damaged. However, they may also be worried about the competitive threat from a well-funded Newcastle: https://www.reuters.com/lifestyle/sports/premier-league-clubs-demand-emergency-meeting-over-newcastle-takeover-2021-10-09/
I don't think that the Owners' and Directors' Test could be changed retrospectively or, if it was, it would be open to challenge in the courts.
Too late, that ship has sailed!!
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