Mike Ashley releases official statement on Saudi takeover – Read it in full here

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?

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About Olly Hawkins

Olly has been a Junior Magpie from birth. As a season ticket holder and avid Newcastle United fan - he eats, sleeps and breathes all things NUFC.

One thought on “Mike Ashley releases official statement on Saudi takeover – Read it in full here

  1. For those of you thinking that a deal might be resurrected, Ashley just buried it for good.
    There’s no way the Suadis will come back to the table now that Ashley has confirmed that they were rejected.

    It was said by some at the time that the Saudis were about to be rejected as “fit and proper” (old terminology) and were given the opportunity to withdraw, but this takes that theory a step further.

    Despite the uproar, the EPL made the correct decision as anyone with even just the slightest knowledge of the Middle East can tell you. Any claim that the PIF is not connected or under the control of the Saudi government is either completely uninformed, or it’s just a deliberate attempt to mislead the EPL.

    During my time in the Middle East I socialised with two Middle East country Sovereign Wealth fund managers and both were directly accountable to government office. This is especially so in in Saudi where the PIF is essentially just the ruler’s personal stash.

    Ashley would be an idiot to even consider legal action, so I guess there’s still a chance he might.

    It seems that we really are intent on raking through the ashes to find out how grandma managed to set fire to her blanket, when the basic fact of the matter is it’s not going to bring her back.

    Time to move on.

      (Quote)

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