The Premier League have reached an official decision to reject the Saudi-backed takeover of Newcastle United, conducted by Amanda Staveley.
Current owner Mike Ashley, who flew in on Wednesday to meet the club’s new signings Jamal Lewis, Callum Wilson and Ryan Fraser, is believed to be severely disappointed by the decision and to be considering legal action.
The club’s full statement reads:
“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.”