Ben Jacobs has dropped an update on the proposed £300m takeover of Newcastle United by the Kingdom of Saudi Arabia (KSA) group involving a potential arbitration case.
As per a tweet from the sports journalist, the chief executive of the Premier League Richard Masters, via a letter to Liz Twist MP, said that the Tyneside club’s arbitration case with the top flight will be resolved in ‘a timely manner’, however, he followed up by tweeting: ‘I am told we might not hear significant news until February’ in terms of the arbitration hearing taking place.
Are the Premier League to blame for the Newcastle takeover collapse?
In a reply to a Magpies fan on Twitter, Jacobs further explained that while he does not sense that there will be a definitive yes or no answer on the takeover itself next month, he does think that the overall picture with regards to the deal between Mike Ashley and the KSA consortium ‘will be a lot clearer by then’.
What next for the Newcastle takeover?
The next step in terms of trying to get the failed takeover bid back on track is surely the arbitration hearing, where a judge will attempt to settle the legal disputes between the St. James’ Park faithful and the EPL.
If the case goes in the favour of the North East club, then it will be about getting the KSA’s Public Investment Fund (PIF) formally back to the negotiating table, as Jacobs points out that they are currently not making any moves in regards to reviving the bid until that process is cleared.
If both of these steps happen, then Toon supporters would have a right right to feel more cautiously optimistic about a takeover.
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