The former Scotland boss, speaking exclusively to Football Insider, insisted the rest of the top-flight would be worried about the Magpies’ signing “household names” to climb the table.
As reported by the Guardian (18th October), 18 of the 20 Premier League sides voted through temporary measures preventing commercial agreements that involve pre-arranging relationships.
Only Newcastle voted against the proposal, while Manchester City abstained.
Clubs are reportedly afraid the takeover, backed by the Saudi Arabian Public Investment fund, would lead to lucrative sponsorship deals on Tyneside.
The temporary ban comes despite several top-flight sides previously agreeing what are known as related party transactions.
That includes Manchester City’s agreement with Etihad Airways, Leicester’s deal with King Power and Everton’s naming rights deal with USM Holdings.
McLeish insisted Newcastle would be targeting big-name transfer targets to bolster their side.
As such, he suggested the vote was an attempt to suppress their financial clout.
McLeish told Football Insider’s Russell Edge: “How many years have we been saying when is the sleeping giant going to wake up?
“Everybody concerned with Newcastle, you see the frenzy in the city. You see the fans are very excited about the future.
“They’re very excited about the household names that will come, surely. Who can blame them for that?
“That has alerted the other clubs, they’re thinking: ‘We could be dropping further down the table.’
“It’s competition and it’s time somebody like Newcastle showed their teeth again.”
🤝 Welcome to Newcastle United!
— Newcastle United FC (@NUFC) October 8, 2021
Newcastle’s only signing during the summer window was Joe Willock from Arsenal.
The Magpies are also looking for a new manager after Steve Bruce’s departure on Wednesday.