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Premier League clubs vote to curb spending power of Newcastle United by ensuring commercial deals represent 'fair market value' under new rules

Premier League clubs will have to submit details of commercial deals for approval by their rivals under new rules agreed among the top flight’s 20 shareholders.

The rules are a direct response to the £305million Saudi Arabian-led takeover of Newcastle United and will curb the potential spending power of clubs like the Magpies that are owned – or part-owned - by a state

The top flight started drawing up the rules in October after the takeover of Newcastle United by a consortium 80 per cent owned by the Saudi state’s Public Investment Fund (PIF).