In a statement released just moments ago, Newcastle United confirm that the Premier League officially rejected the takeover bid by PCP Capital Partners, the Reuben Brothers and the Public Investment Fund of Saudi Arabia (PIF) – but there’s more.
The club insist that they were provided with “overwhelming evidence and legal opinions” that the PIF is “independent and autonomous of the Saudi Arabian government” – a key matter given the Premier League concluded it was not, with them claiming that a clear link existed between the two.
As a result, the club believe the league did NOT act appropriately in their Owners and Directors test, meaning Mike Ashley could now pursue legal action.
Read the club’s statement (via NUFC.co.uk) in full below:
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.
An explosive statement and perhaps the first time Mike Ashley’s words have been agreed with by the majority on Tyneside.
This isn’t going away quietly, is it?