The takeover of Newcastle United by the PCP Capital Partners, the Reuben Brothers and the Public Investment Fund of Saudi Arabia (PIF) has been officially rejected by the Premier League.
Newcastle United have published a statement criticizing the Premier League after it officially rejected Amanda Staveley’s Saudi-led takeover of the club.
The current owner of the club – Mike Ashley is believed to be very frustrated at the entire process. Mike Ashley agreed to sell the club to the Saudi-led group in April but after the Premier League’s official rejection of the sale, the club’s owner is considering his legal options.
This is the second time Amanda Staveley has failed in securing the take-over of Newcastle United.
“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.
“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.”– Newcastle United’s Official Club Statement