Newcastle United learn spending fate as 16 clubs turn against Magpies in intense meeting Newcastle United’s hopes of benefiting from their cash-laden owners have seemingly been dashed.
Newcastle United have held detailed consultations with the Premier League after top-flight chiefs changed the Associated Party Transaction (APT) rules.
Man City secured a legal victory over the Premier League after deals with Etihad and First Abu Dhabi Bank were blocked. And this has resulted in amendments to the rule book. Newcastle could have potentially struck huge deals with some of PIF’s partners but that hope now seems to have been dashed during an intense meeting.
It now means that Newcastle look set to stick to their PSR policy of raising more revenue and spending what they earn rather than what can be pumped in. Club chiefs told fans the importance of PSR and commercial revenue during a fan meeting at the STACK on Wednesday.
Clubs, with many of them fearing Newcastle’s financial clout, took under 30 minutes to approve the changes to Associated Party Transaction (APT) regulations in a meeting in London. There were 16 clubs voted in favour and four against. Those voting against included Manchester City and Aston Villa but it was unclear what Newcastle’s stance was, with Eddie Howe claiming he had no knowledge of the meeting today.
Although, there are suggestions that Newcastle joined Man City and voted against the rule changes which will prevent huge deals going through.
A Premier League statement read: “The amendments to the rules address the findings of an Arbitration Tribunal following a legal challenge by Manchester City to the APT system earlier this year.
“The Premier League has conducted a detailed consultation with clubs – informed by multiple opinions from expert, independent Leading Counsel – to draft rule changes that address amendments required to the system.
“This relates to integrating the assessment of Shareholder loans, the removal of some of the amendments made to APT rules earlier this year and changes to the process by which relevant information from the League’s ‘databank’ is shared with a club’s advisors.
