The Premier League have officially rejected the Saudi-led takeover of Newcastle United.
Newcastle have confirmed that the Premier League has officially rejected the £300million Saudi-led takeover. The Magpies have taken aim at the Premier League over the collapse of the deal, which has left Mike Ashley saying he “understands fans’ frustrations”.
A mega-money deal was agreed between Ashley and Amanda Staveley’s consortium, which enjoyed the financial backing of the Public Investment Fund of Saudi Arabia.
The takeover was left on the shelf for a number of weeks by the Premier League before the group pulled the plug due to the “prolonged process”.
St James’ Park chiefs released a statement on Wednesday, which 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.
“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 fans were left disappointed when PIF, PCP Capital Partners and the Reuben brothers released a statement at the end of July confirming the end of their takeover bid.
Lee Charnley, Mike Ashley’s right-hand man, indicated that the deal could be revived further down the line.
“We acknowledge yesterday’s statement,” said Charnley.
“Never say never, but to be clear Mike Ashley is 100 per cent committed to this deal (sale).
“However our current focus must now be on supporting Steve Bruce in the transfer market and on the preparations for the new season.”
Newcastle have strengthened Steve Bruce’s squad ahead of the new season, despite the takeover uncertainty.
Jeff Hendrick and Ryan Fraser have joined on free transfers, Jamal Lewis cost £15m from Norwich, while Callum Wilson completed a £20m switch from Bournemouth.