Newcastle United have confirmed that the Premier League rejected the takeover bid made by PCP Capital Partners, the Reuben Brothers and the Public Investment Fund of Saudi Arabia (PIF). The statement from the club added that they ‘do not accept’ that the Premier League ‘acted appropriately’.
While the coalition of the PCP Capital Partners, the Reuben Brothers and the Public Investment Fund of Saudi Arabia (PIF) withdrew their takeover bid for Newcastle United in July, a debate is still raging on. It has seen many fans and critics demand why the Premier League took as long as it did to complete its owners’ and directors’ test, seventeen weeks, but there has been no reason given so far.
However, that has now changed as in an incredible statement, Newcastle United have confirmed that the Premier League rejected Amanda Staveley's Saudi-backed takeover of the club. Their statement confirmed that the club believe neither the Premier League nor it’s chief executive Richard Masters “acted appropriately in relation to this matter”. The Magpies also asserted that current owner Mike Ashley is still “fully supportive” of the club and manager Steve Bruce with him still looking to sell the club.
“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,” reads the statement on Newcastle’s official website.
“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.”