Newcastle United have hit out at the Premier League and threatened to take legal action after the Saudi-backed takeover of the club was officially rejected.
PCP Capital Partners’ £300m offer to buy out current owner Mike Ashley, which was majority-funded by Saudi Arabia’s Public Investment Fund, was withdrawn at the end of July.
The Premier League’s refusal to accept that the buyers and the Saudi state were separate entities led to the deal falling through.
Newcastle have now released an explosive statement, accusing Premier League chief executive Richard Masters of not acting appropriately by scuppering the takeover.
A statement read: “Newcastle United can confirm that the Premier League has rejected a takeover bid made by PCP Capital Partners, the Reuben Brothers and the Public Investment Fund of Saudi Arabia (PIF) based on its Owners and Directors test.
“This conclusion has been reached despite the club providing the Premier League with overwhelming evidence and legal opinions that PIF is independent and autonomous of the Saudi Arabian government.
“The club and its owners do not accept that Premier League chief executive Richard Masters and the Premier League have acted appropriately in relation to this matter and will be considering all relevant options available to them.
Mike Ashley understands fans’ frustrations and would like to reassure them that he has been fully committed to ensuring this takeover process reached completion as he felt it was in the best interests of the club.
“Mike continues to be fully supportive to Steve Bruce, the players and all the staff and wishes them well for the upcoming season.”