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1/ Walloping in with another thread on fit and proper persons test. Check out @GallowgateShots page for our podcast on takeover dissection so far. This thread cover the fit & proper persons process. Same caveats apply (no moaning) and also #cans
2/ PCP have now lodged the paperwork with the Premier League, with âchecksâ underway. The checks are primarily in relation to the Ownersâ & Directorsâ test, also known as the Fit and Proper Persons Test.
3/ Why have it? Primarily to make sure clubs donât fold after theyâre taken over. The tests have been strengthened since Portsmouth saga (they were sold twice in a year with substantial debts). The PL now asks its members to make public the names of anyone who owns 10% of a club
4/ Who will be tested? This will be anyone who is an âOfficerâ in the club as well as anyone with direct or indirect control over a Club including a shareholding of 30% or more. That means we can expect Staveley, Reuben Bros & Al Rumayyan to be tested.
5/ Instant Red Flags: It doesnât look like any of the instant bars such as Directors Disqualification or convictions are likely to be a problems for any of the parties. The âdisqualifying conditionsâ also include being banned by Sports / Professional bodies...
6 / Despite what Wikipedia says, âThey are the Saudis buying NUFCâ is not a disqualifying condition - thatâs just the mackems getting jealous 
7/ You are not permitted to be a Director of more than one club. Jamie Reuben is currently on the Board of QPR so will have to step down from this role due to the 10% share it looks like the Reuben Brothers will take.
8/ How often do people fail? Not often. Dennis Coleman failed when he was a Director at Rotherham having taken them into administration twice. Rangers owner Craig Whyte was ruled as not being fit & proper in March 2012.
9/ the only takeover that was stopped was Louis Tomlinsonâs attempt to buy Doncaster Rovers with John Ryan. Ryan failed the test due to lack of funding - unlikely to be an issue for Al Rumayyan.
10/ Somehow Carson Yeung managed to maintain 15% of Birmingham City in 2015 despite being sent to prison for money laundering. When Man City were taken over in 2007 by Shinawatra he was the subject of allegations relating to major corruption / Human Rights Violations whilst PM
11/ Despite having been ousted as Prime Minister, having ÂŁ800m of his assets frozen and a Police investigation, he passed the Test and the takeover went ahead.
12/ What else does the PL look at? They focus on funds available, strategy of the club going forward and Regulation E16 requires them to review financial info & likely 3 year business plan - including an examination of where funds have come from to finance the takeover.
13/There are concerns about the âSaudi Factorâ.The Man City takeover was given the green light despite criticism from Amnesty International & Transparency International.The test is a legal one, not a moral one-if PIF can demonstrate theyâre acting in line with law, thatâs enough.
14/ How long? First stage is for each Officer to confirm they are not subject to Disqualifying condition,then FA has 14 days to respond & provide consent. Then theyâll be consideration by the FA of the Officer & propose shareholders as to Fit & Proper. Will be weeks (not months).
15/ Coronavirus? Strangely, this might make the deal quicker. Meetings can be held virtually so scheduling is less of an issue. Because there is less âbusinessâ taking place, lawyers / accountants can likely prioritise the deal/ work quicker to finalise the deal. Same for the PL.
16/ âOfficerâ is the term used in the regulations, here it is likely to be Staveley or the Reuben Brothers and Al Rumayyan as Chairman. Basically anyone on the board.
17/ Everything is now with the FA so assuming there is a sale agreement in place (which it looks like there is) Ashley cannot stall (or rush through) this part of the Takeover.
