A source close to the Kingdom of Saudi Arabian (KSA) group who were looking to buy Newcastle United has made a big claim with regards to the proposed takeover in the northeast.
“I don’t know if this is the end of it,” the source claimed, but the consortium have now lost their deposit of £17m which would have been refunded had the Premier League rejected the deal.
There is still a slim possibility the takeover can be revived. “I don’t know if this is the end of it,” a source close to the consortium said.
They have lost their £17m deposit which would have been refunded if the PL rejected the deal. #nufc [George Caulkin, Chris Waugh]
— NUFC 360 (@NUFC360) July 30, 2020
Indeed, the would-be owners decided to withdraw their own £300m bid because of frustrations with the Premier League over the sheer amount of time it was taking them to come up with their final decision.
With the 2020/21 season fast approaching, coupled with the fact that the summer transfer window has officially opened, perhaps it is understandable why they have pulled out given the circumstances, as the uncertainty in the northeast was only going to grow further.
However, with the help of the Premier League, the takeover from the Saudis could still happen as the source suggests, but the league would need to cooperate with the buying side to try and come up with a conclusion.
Is the KSA takeover of Newcastle over?
The results of the Owners and Directors Test (ODT) have also still not yet been disclosed and they have been going on for four months now, so surely the Premier League would have to speed up this process as well for the takeover to have any chance of still going through.
Geordies, do you still have hope for the takeover? Comment below with your views!
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