Luke Edwards has given a very exciting update on the proposed £300m takeover of Newcastle United by the Kingdom of Saudi Arabia (KSA) consortium.
The Daily Telegraph journalist tweeted that he is ‘hearing strange rumours’ that the KSA are back in for the St. James’ Park faithful, but not through their country’s Public Investment Fund (PIF).
Are the Premier League to blame for the Newcastle takeover collapse?
He also went on to say that it could be from a private individual rather than the purchase being backed by the state, while concluding that the rumour has now been around for a while.
Hearing strange rumours that Saudi Arabia are back in for #nufc but are not going to do it through PIF. It could be a private individual rather than an obvious state backed purchase. File this in the red herring category for now but it’s interesting and been around for a while
— Luke Edwards (@LukeEdwardsTele) December 11, 2020
PIF takeover dispute
There has been an ongoing dispute as to whether PIF are considered a separate entity from the Saudi state.
The Tyneside club believe that they have handed over legal proof that that this is the case and have therefore satisfied the requirements of the Owners’ and Directors’ Test (ODT) set out by the Premier League.
PIF briefs had also told England’s highest division that they could prove of the separation in the summer by sending documentary evidence that was written in Saudi law, but those requests are understood to have not come into any sort of fruition.
However, if the rumours are true that the KSA are coming back in for a deal that does not involve PIF, then it may well give them a better chance of taking over in the North East.
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