The purchase of Newcastle by a Saudi Arabian sovereign wealth fund or the problem of "state clubs".

After PSG, it's Newcastle's turn to be owned, in short, by a state.

This raises a question from the point of view of European law: while Article 107 TFEU prohibits any Member State (except with the prior authorisation of the European Commission in strictly defined cases) from granting a single euro of state aid to a football club, is it permissible for the same state aid to be paid to the same club by ... a third country? This is a question we are likely to hear a lot about in the near future.

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