A proposed takeover must be filed with the board no later than 10 working days before control is expected to change hands, and nobody can take control until the board confirms compliance, is satisfied with the information filed, and has seen any conditions accepted.
Who has to file and when
A person proposing to acquire control of a club is a proposed acquiror. The duty to file can sit with the club, with that person, or with both together.
The timing rule has two parts. The filing must be made as far in advance as reasonably possible, and in any event no later than 10 working days before the expected date of the acquisition of control. The trigger is the expected change of control itself, and meeting that outside limit does not displace the earlier duty to file as soon as is reasonably possible; both parts apply together.
What must reach the board before control changes hands
Here is what has to reach the board before control changes hands.
| Document | Covering |
|---|---|
| Declaration and signed owners' charter | Each person who will become a director |
| Acquisition materials and anything else asked for | Whatever the board requests |
| Up-to-date future financial information | The club's position after the acquisition |
| Acquisition leverage compliance certificate | The first applicable acquisition test date |
The director-related paperwork is wider than the buyer alone. Every person who will become a director after control changes hands must have a completed declaration and a signed copy of the owners' charter sent in.
The financial filing must be current and prepared on the basis of the club's future position after the change of control. The acquisition leverage compliance certificate is also mandatory.
What the board can ask for
The board is not limited to reading the papers already filed. It can require the club or the proposed acquiror to appear before it and give evidence about the source of the funds they propose to put into the club and whether those funds are sufficient.
That gives the board room to test the material in front of it. If it wants more, it can ask for acquisition materials and other information as part of the application.
The three outcomes and the bar on completing early
These are the possible outcomes and the restriction before completion.
| Item | Result or requirement |
|---|---|
| Board decision | Accept the application with no conditions |
| Board decision | Accept the application with conditions |
| Board decision | Reject the application and give reasons |
| Can control change before the club is notified | No |
| What must be confirmed before control can change | The board confirms compliance, confirms that nobody involved is liable to be disqualified as a director, confirms it is satisfied with the information filed, and has seen any conditions accepted |
The decision is notified to the club. If the application is accepted with conditions, control still cannot change until the board has seen those conditions accepted.
The restriction works both ways. Nobody may acquire control before that point, and no club may permit it either.
FAQ
Who approves a Premier League takeover?
The decision is made by the board, and the club is notified of the outcome. The board can accept without conditions, accept with conditions, or reject and give reasons.
Can the Premier League block a takeover?
Yes. The board can reject the application. Even without a rejection, the takeover cannot complete before the required confirmations have been given.
What does a buyer have to prove?
If required, the club or the proposed acquiror must appear before the board and give evidence about where the money is coming from and whether it is sufficient for the club. That sits alongside the written filings, including current future financial information.
What happens if someone takes control before the board has confirmed?
That is a breach of the rules. A director or official of the club who causes, allows or permits a person to acquire control while that bar still applies is in breach as well, whether they acted intentionally, negligently or recklessly.
What counts as a breach in this process?
A false declaration is a breach. So is a certificate showing that the acquisition leverage test has not been met, and so is a failure to provide that certificate; those cases are dealt with under the disciplinary rules.