Newcastle taking legal advice after their failed £300m Saudi takeover was officially rejected by the Premier League with Magpies furious top-flight chief Richard Masters did not ‘act appropriately’ during proceedings
- Newcastle are taking legal advice after the Saudi takeover was formally rejected
- The Magpies say Premier League chief Richard Masters didn’t ‘act appropriately’
- The £300m takeover broke down because of fears over who would run the club
- Offer was withdrawn in July but the Premier League was still carrying out checks
Newcastle are taking legal advice after confirming that the Premier League has formally rejected Amanda Staveley’s Saudi-backed takeover bid.
PCP Capital Partners’ offer to buy out current owner Mike Ashley, which was majority-funded by Saudi Arabia’s Public Investment Fund, was withdrawn at the end of July with the governing body still conducting its owners’ and directors’ test.
However, the club said in a statement on Wednesday evening: ‘Newcastle United can confirm that the Premier League has rejected a takeover bid made by PCP Capital Partners, the Reuben Brothers and the Public Investment Fund of Saudi Arabia (PIF) based on its owners and directors test.
Mike Ashley accepted a £300m offer to sell Newcastle but it collapsed due to a stalemate over whether the Saudi Arabian state would be in control of the club
Newcastle are now taking legal advice after the Premier League formally rejected the takeover
‘This conclusion has been reached despite the club providing the Premier League with overwhelming evidence and legal opinions that PIF is independent and autonomous of the Saudi Arabian government.
‘The club and its owners do not accept that Premier League chief executive Richard Masters and the Premier League have acted appropriately in relation to this matter and will be considering all relevant options available to them.
‘Mike Ashley understands fans’ frustrations and would like to reassure them that he has been fully committed to ensuring this takeover process reached completion as he felt it was in the best interests of the club.
‘Mike continues to be fully supportive to Steve Bruce, the players and all the staff and wishes them well for the upcoming season.’
The Magpies ‘do not accept’ that Premier League chief Richard Masters ‘acted appropriately’
Crown Prince Mohammed bin Salman is chairman of the consortium who tried to buy the club
Last month, Masters confirmed Sportsmail’s story that the takeover reached an impasse because the buyers would not confirm whether the Saudi Arabian state would ultimately be in control of the club.
PIF – which was due to take an 80 per cent stake of Newcastle – is Saudi Arabia’s sovereign wealth fund and its chairman is Crown Price Mohammed bin Salman, the de facto head of Saudi Arabia.
But the consortium had only put forward the name of Yasir Al-Rumayyan, the governor of the PIF, as the Saudi representative on the new-look Newcastle board – and they refused the offer of arbitration to resolve the dispute.
More to follow.