EPL denies rejecting Newcastle United Sh42 billion takeover
Premier League
By
Waweru Titus
| Sep 11, 2020
The Premier League has in a rejoinder denied Newcastle United’s claim it rejected a takeover bid from a consortium backed by Saudi Arabia's Public Investment Fund (PIF) last month.
PIF, PCP Capital Partners and Reuben Brothers pulled out of their proposed Sh42 billion (£300m) takeover of Newcastle in July, citing the tough economic times during the Covid-19 pandemic.
Newcastle issued a statement on Wednesday in which it said the league acted inappropriately thwarting the takeover.
The English league insisted that is not the case and the potential transaction could move forward "should the relevant entities provide all appropriate information".
Its statement on Thursday read: "The Premier League was disappointed and surprised by the Newcastle United Football Club statement regarding its potential takeover by PCP Capital Partners, the Reuben Brothers and the Public Investment Fund of Saudi Arabia (PIF).
"The club's assertion that the Premier League has rejected the takeover is incorrect.
"The Premier League Board has, on a number of occasions, given its opinion about which entities it believes would have control over the club should the consortium proceed with the acquisition. That opinion is based on legal advice.
"This means the potential takeover could proceed to the next stage should the relevant entities provide all appropriate information. They would then be subject to a suitability assessment by the Board. As an alternative, the Board has repeatedly offered independent arbitration as a way forward since June.
"It is also incorrect to suggest these decisions were taken by any individual; they were agreed unanimously by all Premier League Board members."
West Ham United welcome Newcastle at the London Stadium on September 12 (Saturday), their first match of the busy 2020/21 Premier League season.