Takeover Reject! But is it Over?

Lets be honest, the past couple of days have been decent in the world of Newcastle United. The club seems to be acting as a club, and the initial thought was that Mike Ashley would be in charge for the forthcoming season.

On July 31st the consortium of PIF, PCP and the Reuben’s withdrew their application with the Premier League to take control of the club, after everything else was agreed with current owner Mike Ashley.

There have been rumours for a while now that work was still being done in the background to get a resolution to a takeover saga, that consumed months of fans attentions.

News tonight broke that the Premier League had officially rejected the proposed takeover. This comes on the same day Premier League Chief Richard Masters gave an interview, and MP for Newcastle Central Chi Onwurah submitted a petition, signed by almost 22,000 people, to parliament asking for more transparency from the League around their secretive Owners and Directors test.

But a club statement makes this saga bit more interesting. Released shortly after news broke the club states:

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.

The 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.

The statement would suggest that Mike Ashley and his team of lawyers would be taking action against the league, that has been subject to a social media storm from Newcastle fans.

You would think that the options available would be for the League to accept that PIF and the Saudi Government are legally separate, or to push through the takeover.

It has been no secret that Ashley is committed to this deal, and the statement proves that. Ashley would have wanted the money to invest in what he does best, and no doubt had a list of businesses he wanted to invest in with the money, that was essentially held from him by the Premier Leagues reluctance, or inability to make a decision.

This no doubt is an added boost to Newcastle fans, but will have to be played out in the background so to speak.

This no doubt is a massive step, and with an outright rejection allows all parties involved to take legal action. You would think that Mike Ashley would be spearheading such movement.

Only time will tell!

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

Create a website or blog at WordPress.com

Up ↑

%d bloggers like this: