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Newcastle United confirm Premier League rejected Saudi Arabia’s Sh42 billion takeover

Last updated 2 months ago | By Waweru Titus

FILE PHOTO: Soccer Football - Premier League - Coronavirus impact on the Premier League - St James' Park, Newcastle, Britain - March 14, 2020. General view outside St James' Park. [REUTERS/Scott Heppell]

Newcastle United confirmed on Wednesday the Premier League rejected a takeover bid from a consortium backed by Saudi Arabia's Public Investment Fund (PIF).

PIF, PCP Capital Partners and Reuben Brothers pulled out of their proposed Sh42 billion (£300m) takeover of Newcastle in July.

The consortium had been waiting to be given the green light take charge of the club, but withdrew completely, citing the tough economic times during the Covid-19 pandemic.

The club, owned by Mike Ashley, an unpopular figure with most fans, pointed out the league and its chief executive Richard Masters had not "acted appropriately in relation to this matter".

Ashley, however, revealed Newcastle would be considering all relevant options available to them.

"Newcastle United can confirm that the Premier League has rejected a takeover bid made by PCP Capital Partners, the Reuben Brothers and PIF based on its Owners and Directors test,” Ashley said via a club statement.

"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.

Football - Premier League - Arsenal v Newcastle United - Emirates Stadium, London, Britain - February 16, 2020. A fan displays a banner in reference to Newcastle United owner Mike Ashley during the match. [REUTERS/Eddie Keogh]

"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 (Newcastle coach), the players and all the staff and wishes them well for the upcoming season,” he concluded.

West Ham United welcome Newcastle at the London Stadium on September 12 (Saturday), their first match of the busy 2020/21 Premier League season.

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