Premier League Profit and Sustainability Rules (PSR) have so far anchored PIF’s ambitions at Newcastle, but the outcome of Man City’s recent arbitration case could be a game-changer. With the backing of the Saudi Public Investment Fund, Newcastle were one of a handful of club’s to give evidence in favour of Man City in their challenge to the league’s associated party transaction (APT) rules. That is no surprise. After all, the APT rules – which govern commercial deals between clubs and businesses with links to their owners – were introduced in the immediate aftermath of PIF‘s takeover in 2021….
