Newcastle threaten Premier League legal action as takeover rejection confirmed
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Mike Ashley has slammed the Premier League claiming they have officially blocked a Saudi-funded £300m takeover of Newcastle United.
The United owner is threatening legal action after the league ruled the Saudi Public Investment Fund, the Reuben brothers and brokered by Amanda Staveley, could not pass their Owners and Directors test.
The Saudi’s pulled their cash from the deal a month ago after it stalled indefinitely.
The bid was mired in problems with the consortium claiming the PIF was not controlled by the Saudi government and refusing a request to name them as a director.
The Saudi state has failed to stop the illegal broadcast of Premier League matches in the nation allowing a pirate broadcaster beoutQ to show games and blocking beIN Sports who has the licence to show games in the region.
Ashley sanctioned a strongly worded statement on Wednesday night.
(Image: EMPICS Sport)
The club statement read: “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.
“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.”
(Image: PA)
Ashley has pledged to keep supporting boss Steve Bruce in the transfer market and wished him well for the coming season suggesting there will be no quick resolution.
“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.”
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Staveley’s Saudi-funded consortium – involving the PIF, led by Crown Prince Mohamed Bin Salman – withdrew their controversial offer back in July.
Mirror Sport revealed in July that the PIF’s business plan, submitted to the Premier League, included a pledge to pump in £250million of extra cash to build a squad over five years – on top of the purchase price.
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