Saudi Arabia’s PIF and Mike Ashley are still committed to finalise the takeover of Newcastle United, according to PA Media’s Damian Spellman.
A year on from when the news broke, Ashley and his team are currently pursuing an arbitration case to push through the deal – by proving the separation of the Public Investment Fund and the Saudi Arabian Government.
It is understood that both Ashley and PCP Capital Partners – backed by the Reuben Brothers and the Saudi PIF – are still determined to push it through. It remains to be seen what next steps would be taken should we suffer relegation, however The Athletic have previously reported that the PIF would remain keen.
PA media, one of THE most reliable outlets, have been told that, “Ashley feels the sale has been agreed and simply needs to be rubber-stamped by the governing body.”
This comes just a day after former Roma owner James Pallotta may have an interest in purchasing Newcastle in the future, and has apparently already done due diligence on the club a while ago.
Having seen many ‘tyre kickers’ as Ashley calls them, come and go, it seems like he is only focusing on one deal which will take Newcastle to the next level.
Many fans have already given up with takeover talk a long time ago, which is not surprising given the amount of times it has been brandished around. As many people say, I’ll believe it when they’re standing on the St James’ Park pitch with an NUFC scarf above their heads!
So what is it?
Is it Mike Ashley insists, or is it Damian Spellman claims?
There have been no comments or claims from PIF since they walked away from the deal, so anyone who knows anything at all about Arab Business and Arab Culture knows that once the Arabs are embarrassed, which they were by the FA failing to approve the deal, there is no way they will do business with them again.
So there is no deal.
As for Ashley being committed to the deal, he’s not trying to get the deal with PIF resurrected, he’s trying to get the FA proven culpable in court so he can claim damages from them.
Helen Clarey(Quote)
The PA news agency “understands” that Ashley feels the sale has been agreed and simply needs to be rubber-stamped by the governing body. No quotes from Ashley and no quotes from the PIF since they said the investment was no longer commercially viable.
I doubt that Pallotta has already done due diligence on the club a while ago if Ashley is charging a non returnable £17 million deposit in order to see the books. It was reported that a viability study had been conducted, there’s a big difference between the two.
What he actually said was that there are interesting teams in the premier league, “the Newcastles of the world”.
I fear everyone is picking up on the PA news agency’s tenuous links and running with it as fact.
mactoon(Quote)
Monochrome Acquisition Limited was dissolved so there is no company available to PIF to process the takeover. I’m sure PIF has many shell companies that could do it but until we’re made aware of one I’d suggest no takeover is imminent.
JulioLaker(Quote)
Anyone who thinks this legal action from Ashley is to push the takeover through is seriously kidding themselves.
His action against the PL is quite simply to lay blame (legally) at their door so that he can sue them to recover any fees he has forked out or missed out on.
It’s crazy that people keep reporting this as the one and only statement pif have put out is to tell everyone they have walked away.
End of really.
Porkpie(Quote)
Monochrome Acquisition Limited was set up by the Bin Zayed Group back in 2019 and their takeover bid failed leading to the dissolution of the company.
NCUK Investment Limited is a holding company set up in 2020 listing the chairman of the PIF and another PIF board member as directors and still exists as an active company, in the event that the current consortium’s bid passes the Owners’ test this is the company which will be used to transfer funds.
mactoon(Quote)
I like many thousand of Toon supporters, are so confused about the length of time it’s taken to secure this takeover.
Could you please explain in less than a 100 word Haha.
Les B
Les Burridge(Quote)
The EPL’s Owners’ test applies their rules to the people named as either “owners” “Directors” or “officials” named in any takeover bid. These people are “entities”. The PIF consortium submitted their list of entities but the EPL decided that the PIF is directly connected to the Saudi state (as it is the sovereign wealth fund of Saudi Arabia) and as such, the Saudi state would in fact be in control of NUFC (a silent partner if you will) and needed to have the Owners’ test rules applied to them but the PIF disputed this. (if the Saudi state was an entity, the EPL could possibly raise the issue of piracy, just saying!)
269 words but Ihope it helped 😛
The PIF are reported to have produced documents from the Saudi royal court to prove there is a separation of the PIF from the Saudi state but the EPL do not accept this.
This impasse means the Owners’ test hasn’t even reached the stage of identifying the entities involved in the take over so it can’t move forward until it is proven that the Saudi state will have no control in the club.
Here lies the problem. The EPL (in my opinion) has gone beyond their remit as they cannot state who the entities are, they are simply supposed to apply their rules to the entities submitted by any takeover consortium.
The legal case being pursued by Ashley is to prove the PIF and the Saudi state are separate entities but the aim behind this case is yet to be revealed, is it to get the bid back on track or simply to get compensation for Ashley.
269 words but I hope it helped
mactoon(Quote)
The EPL’s Owners’ test applies their rules to the people named as either “owners” “Directors” or “officials” named in any takeover bid. These people are “entities”. The PIF consortium submitted their list of entities but the EPL decided that the PIF is directly connected to the Saudi state (as it is the sovereign wealth fund of Saudi Arabia) and as such, the Saudi state would in fact be in control of NUFC (a silent partner if you will) and needed to have the Owners’ test rules applied to them but the PIF disputed this. (if the Saudi state was an entity, the EPL could possibly raise the issue of piracy, just saying!)
The PIF are reported to have produced documents from the Saudi royal court to prove there is a separation of the PIF from the Saudi state but the EPL do not accept this.
This impasse means the Owners’ test hasn’t even reached the stage of identifying the entities involved in the take over so it can’t move forward until it is proven that the Saudi state will have no control in the club.
Here lies the problem. The EPL (in my opinion) has gone beyond their remit as they cannot state who the entities are, they are simply supposed to apply their rules to the entities submitted by any takeover consortium.
The legal case being pursued by Ashley is to prove the PIF and the Saudi state are separate entities but the aim behind this case is yet to be revealed, is it to get the bid back on track or simply to get compensation for Ashley.
The EPL’s Owners’ test applies their rules to the people named as either “owners” “Directors” or “officials” named in any takeover bid. These people are “entities”. The PIF consortium submitted their list of entities but the EPL decided that the PIF is directly connected to the Saudi state (as it is the sovereign wealth fund of Saudi Arabia) and as such, the Saudi state would in fact be in control of NUFC (a silent partner if you will) and needed to have the Owners’ test rules applied to them but the PIF disputed this. (if the Saudi state was an entity, the EPL could possibly raise the issue of piracy, just saying!)
The PIF are reported to have produced documents from the Saudi royal court to prove there is a separation of the PIF from the Saudi state but the EPL do not accept this.
This impasse means the Owners’ test hasn’t even reached the stage of identifying the entities involved in the take over so it can’t move forward until it is proven that the Saudi state will have no control in the club.
mactoon(Quote)
Sorry for the duplication. Computer glitch but I hope my post helps.
mactoon(Quote)