Newcastle hit out at Premier League and chief executive Richard Masters over failed takeover bid

Newcastle have criticised the Premier League after the collapse of their proposed takeover
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George Flood9 September 2020

Newcastle United have taken aim at the Premier League and chief executive Richard Masters and say they are considering "all options" following their failed takeover bid.

In a strong statement released via their official club website on Wednesday night, the Magpies confirmed that the league had rejected a proposed takeover by a consortium consisting of PCP Capital Partners, the Reuben Brothers and the Public Investment Fund of Saudi Arabia (PIF).

Newcastle claimed such a rejection was based on the Premier League's owners and directors test and came 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 statement went on to say that the club will be "considering all relevant options available to them" and did not accept that "Masters and the Premier League have acted appropriately in relation to this matter".

"[Current owner] 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," Newcastle's statement concluded.

"Mike continues to be fully supportive to [manager] Steve Bruce, the players and all the staff and wishes them well for the upcoming season."

The Premier League declined to comment on Newcastle's statement when approached by Standard Sport.

The aforementioned consortium publicly withdrew their bid to buy Newcastle in July 17 weeks after the £340million takeover had initially been agreed, with reports that the Premier League were seeking greater clarity over links between the PIF and Saudi Arabian Government.

Masters broke his silence on the failed takeover last month in a detailed letter to MP Chi Onwurah, explaining: "In June, the Premier League Board made a clear determination as to which entities it believed would have control over the club following the proposed acquisition, in accordance with the Premier League Rules.

“Subsequently, the Premier League then asked each such person or entity to provide the Premier League with additional information, which would then have been used to consider the assessment of any possible disqualifying events.

“In this matter, the consortium disagreed with the Premier League’s determination that one entity would fall within the criteria requiring the provision of this information.

Premier League chief executive Richard Masters addressed Newcastle's failed takeover bid in a letter to MP Chi Onwurah
Getty Images for Premier League

“The Premier League recognised this dispute, and offered the consortium the ability to have the matter determined by an independent arbitral tribunal if it wished to challenge the conclusion of the Board.

"The consortium chose not to take up that offer, but nor did it procure the provision of the additional information. Later, it (or PIF specifically) voluntarily withdrew from the process.”

Masters also insisted that the issue of alleged TV piracy in Saudi Arabia had not led to the withdrawal of the Saudi-backed consortium and rejected claims that objections from Newcastle's Premier League rivals had played a role in the takeover being blocked.

Speaking to Sky Sports earlier on Wednesday, Masters expressed sympathy with Newcastle supporters.

"In a situation such as a takeover there should be an expectation of confidentiality," he said.

"By the same token there is an expectation of fans that they should be kept up to speed with what is going on. That isn't always possible.

"So I sympathise with Newcastle fans which is why we took the decision to very briefly talk to the NUST and answer their questions and write an open letter to local MPs to explain as far as we could to explain some of the issues.

"It's why it took slightly longer than normal."

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