Newcastle have confirmed they’re in a legitimate dispute with the Premier League over the failed takeover of the club. A consortium featuring the Saudi Arabia’s Public Investment Fund, Amanda Staveley’s PCP Capital Partners and the Reuben Brothers withdrew its 350 million pounds ($460 million) offer for Newcastle earlier this year following a long wait for the Premier League to approve the deal.
Newcastle owner Mike Ashley had indicated he would consult lawyers over the collapse and his club revealed the legitimate case on Thursday in response to alleged “leaks” by the Premier League.
“The club understands that these will be affairs of great concern to its fans and due to this fact considers that, in light of the information disclosed by the EPL, it has no choice but to reply and update its fans in response to this coverage,” a Newcastle commentary said.
“The club makes no remark on the substance of the arbitration, but it can confirm that it has issued arbitration proceedings against the EPL.
“It is unclear when those proceedings will be resolved, provided the approach of the EPL and its lawyers, Bird & Bird. Nevertheless, the club will continue to use its best efforts to press for a reasonable, full and timed hearing of its claim.”
Ashley, who has owned Newcastle since 2007, has been trying to sell the club for years.
Staveley, who had failed in a preceding attempt to strike a deal, appeared self-assured of a breakthrough this time.
But she and her partners grew an increasing number of frustrated as hopes of a swift conclusion dissolved with the Premier League’s Owners’ and Directors’ test seemingly proving an insurmountable hurdle.
The consortium insisted it had given the entire answers for which it had been asked, even supposing not to the satisfaction of the governing body, who were seeking clarity over the relationship between the ownership and the Saudi state amid a row over TV piracy, but never formally rejected the tender.
Moreover, Amnesty International had voiced its objections over the Middle East state’s human rights record, accusing it of the use of Newcastle for “sportswashing” purposes.
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