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Newcastle United consider legal action after Premier League reject Saudi backed takeover

Newcastle United are "considering all options" after accusing the Premier League and its chief executive, Richard Masters of not acting “appropriately” after denying financier Amanda Staveley’s takeover bid.

The consortium, comprised of Staveley’s PCP Capital Partners, backed by the Reuben Brothers and the Public Investment Fund of Saudi Arabia (PIF), saw their proposed takeover blocked by the Premier League based on its Owners and Directors test.

A £340 million (US$480 million) deal to buy the club was agreed between the consortium and Ashley in April.

The Magpies indignant statement claimed that the club provided “overwhelming evidence and legal opinions that PIF is independent and autonomous of the Saudi Arabian government.” The Premier League, however, said in August that the consortium had rejected its offer of arbitration to determine who would own the club.

Saudia Arabia Crown Prince Mohammed bin Salman also chairs the sovereign wealth fund, which caused a major snag in a deal plagued with complications of broadcast piracy. In July, Saudi Arabia banned BeIn Sport from broadcasting in the country, who have a £500 million deal to televise Premier League matches across the Middle East and North Africa.

In the statement, Newcastle added: ”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 Premier League have so far declined to comment on the club statement, however Master expressed his ‘sympathy’ with Magpies fans due to the absence of information they have received.

Author: Charlie Farmer