The proposed takeover of Newcastle United collapsed over disputes about who exactly would own the Tyneside club, according to the Daily Mail.
As per the outlet, the dispute was over the completion of a form issued by the Premier League in their Owners and Directors Test (ODT) with regards to club control and ownership, as well as the 80% stake in the North East that would come from the Kingdom of Saudi Arabia (KSA).
Are the Premier League to blame for the Newcastle takeover collapse?
Indeed, the Middle Eastern crown prince Mohammed bin Salman (MbS) and his country’s Public Investment Fund (PIF) were due to hold a majority stake of 80%, with the businesswoman and head of PCP Capital Partners Amanda Staveley and the billionaire London-based Reuben brothers splitting the other 20% evenly between them with 10% each.
Via the Mail, the top flight and its chief executive Richard Masters wanted to make plain the link between the KSA state and the Toon, but met resistance.
An offer to place the issue in arbitration to sort it out was also rejected before the Saudi-led group announced that they had withdrew their own bid after growing increasingly tired over just how long it was taking for England’s highest division and the CEO to make their final decision on whether to approve of it or not.
Per the Mail, the EPL refused to recognise PIF as different to the Saudi state, given also that MbS is the de facto head of the Saudis.
The links were unclear, which gives an explanation for the delay, but fans of NUFC will still want the league to come out and give more clarity on the whole situation.
Geordies, do you excuse the Premier League for the delay? Comment below!
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