Kieran Maguire: 'Nothing will change' after 'heartbreaking' Newcastle takeover development
The Newcastle United takeover proves that the Premier League is highly unlikely to broaden the scope of its owners and directors test.
So says finance guru Kieran Maguire, speaking exclusively to Football Insider about contentious moral issues surrounding PCP Capital’s buyout.
The consortium is led by the Saudi Arabia Public Investment Fund, whose chairman is Saudi head of state Crown Prince Mohammed bin Salman.
The 2018 assassination of dissident Saudi journalist Jamal Khashoggi was personally ordered by Salman, as confirmed by the CIA.
As quoted by BBC Sport on 8 October, Khashoggi’s fiance, Hatice Cengiz, called the Saudi-backed takeover of Newcastle “heartbreaking”.
Human rights group Amnesty International have also condemned the takeover as a PR move for an oppressive totalitarian state.
Subscribe to Football Insider TV now
But money talks, claims Maguire, and the Premier League are unlikely to budge on how they assess the suitability of owners.
“Nothing will change in terms of the owners and directors test,” he told Football Insider correspondent Adam Williams.
“Ultimately, the test is drafted by Premier League owners themselves. So there is an element of self-interest.
“There is so much diversity in terms of the owners in the league. We have owners from Abu Dhabi, Thailand, Russia, USA.
“We have owners from the gambling industry as well. Once you apply a moral and ethical lens to club ownership, you restrict the pool of potential buyers.
“There is an element of self-interest in the present owners and directors test in that there will be owners who are looking at an exit route.
“They want as broad a market of potential buyers as possible because that’s best from a price perspective.
“Money trumps everything in football, and this is further evidence of this. You don’t get to become a billionaire by helping old ladies across the road.”