The Premier League reportedly sought written assurances regarding the potential involvement of Saudi Arabia’s Public Investment Fund (PIF) in the takeover bid for Chelsea by Todd Boehly and Clearlake Capital, according to the Telegraph.
The league investigated the financial interests of the Saudi kingdom, given their ownership of Newcastle United, during the directors’ and owners’ tests following Roman Abramovich’s sale of the club in May 2022.
Despite concerns raised by rival clubs about the sudden interest of the Saudi Pro League in several Chelsea players, the Premier League has expressed satisfaction that there is no conflict of interest.
Multiple sources have confirmed that PIF had investments in Clearlake. The Premier League extensively scrutinised these investments during the ownership tests.
They requested detailed information to verify the proposed ownership structure. Clearlake and Boehly provided it.
Both parties confirmed that PIF played no role in the ownership structure and gave assurances they would not be an investor in the future.
Amidst the scrutiny surrounding Saudi Arabia’s lavish spending this summer, Gary Neville and other figures in the game have called for closer examination.
Some clubs believe that others, especially Chelsea, are utilising the Saudi Pro League as a ‘get out of Financial Fair Play (FFP) jail-free card’ while the state embarks on a £500 million player spree.
However, the Premier League is not worried by the league’s pursuit of players.
Recent developments indicate that the Saudi-backed league, under the sponsorship of Saudi’s Public Investment Fund, has been in London to finalise multiple deals.
After securing the signing of Karim Benzema, the league is now turning its attention to targets in England.
Negotiations are reportedly underway for Hakim Ziyech, Kalidou Koulibaly, Edouard Mendy and Pierre-Emerick Aubameyang.
Chelsea received a proposal for five players worth over £100 million, although Romelu Lukaku has since rejected their offer.
The Premier League already has a Fair Value Assessment Protocol that clubs must adhere to.
Sources from Chelsea assert that interest in their players is purely transactional and driven by the club’s popularity in the Middle East.
Additionally, the club denies any financial interest from PIF, despite Clearlake, which owns a majority stake of around 60% in Chelsea, having previously received a minority investment from PIF.
The ownership structure of Chelsea has raised questions due to Boehly and Jonathan Goldstein’s associations with separate business ventures involving the Saudi wealth fund.
Cain International, a real estate firm with Goldstein as CEO and Boehly as a board member, collaborated with PIF in August on a $900 million investment in the luxury hotel group Aman.
