Newcastle become the first Premier League club to put staff on layoff

While there was talk of £ 340 million takeovers, Saudi Arabia took over. Employees received emails from chief executive officer Lee Charnley on Monday explaining that the forced shutdown of football required them to apply for the government's coronavirus retention program, which allows staff to claim 80% of their wages. salary, up to a maximum of £ 2,500 per month.

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This necessity encompasses scouts, academy coaches, and club foundation charity workers and is said to have been initiated to ensure the survival of the club at a time when its cash flow is suffering from the lack of more revenue £ 1 million for home matches. Although other Premier League clubs are also considering placing their employees on leave, championship leaders, Leeds, have pledged to continue paying the salaries of all non-player staff and casual workers after players and executives of the first team agreed to take a large salary.

Deferrals to preserve all of the income of lower-paid colleagues. Newcastle employees received the email from Charnley when it appeared that the Premier League had been officially informed that the Saudi Arabian Public Investment Fund was trying to acquire the owner of the club, Mike Ashley. The sovereign wealth fund would assume an 80% stake with a 10% the stake held by PCP Capital of Amanda Staveley in Dubai and the rest covered by Reuben Brothers, one of the wealthiest families in Great Britain.

Whose real estate portfolio and investment of £ 18 billion includes the Newcastle Racecourse. If the Premier League received documents from Ashley indicating that it wished to sell Newcastle to the consortium led by Saudi Arabia, it would initiate the "fit and proper people test" applied to potential owners and ensure that funds are raised quire.

Although Newcastle declined to comment, it is understood that Ashley has not yet contacted the governing body. If - and it remains a big one if - it does, the test would take at least a month, perhaps more given the logistical difficulties caused by the pandemic. It is understood that last summer, the Premier League received documents relating to a proposal to purchase from the United Arab Emirates-based group Bin Zayed to buy Newcastle, but Ashley has never submitted documents signaling an intention to sell.

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