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Consortium Releases Statement As The Premier League Wriggle Themselves Off The Hook



So Newcastle fans have suffered another gut punch just over a year after the last one when Rafa Benitez left the club and an earlier proposed takeover was found out to be much ado about nothing.

Now, after months of speculation that a deal was almost certain. The Saudi-backed consortium has pulled out of their attempted takeover of our beloved club. This drops Newcastle well past square one, and into negative territory. The club has been left behind and must now scramble to get itself on track for the coming season.

The Chronicle has published the following statement from the consortium on why they felt there was no path forward in their bid for Newcastle:

“”With a deep appreciation for the Newcastle community and the significance of its football club, we have come to the decision to withdraw our interest in acquiring Newcastle United Football Club.

“We do so with regret, as we were excited and fully committed to invest in the great city of Newcastle and believe we could have returned the Club to the position of its history, tradition, and fans’ merit.

“Unfortunately, the prolonged process under the current circumstances coupled with global uncertainty has rendered the potential investment no longer commercially viable.

“To that end, we feel a responsibility to the fans to explain the lack of alternatives from an investment perspective.

“As an autonomous and purely commercial investor, our focus was on building long-term value for the Club, its fans and the community as we remained committed to collaboration, practicality, and proactivity through a difficult period of global uncertainty and significant challenges for the fans and the Club.

“Ultimately, during the unforeseeably prolonged process, the commercial agreement between the Investment Group and the Club’s owners expired and our investment thesis could not be sustained, particularly with no clarity as to the circumstances under which the next season will start and the new norms that will arise for matches, training and other activities.

“As often occurs with proposed investments in uncertain periods, time itself became an enemy of the transaction, particularly during this difficult phase marked by the many real challenges facing us all from Covid-19.

“We feel great compassion for the Newcastle United fans with whom we shared a great commitment to help Newcastle United harness its tremendous potential and build upon its impressive and historic legacy while working closely with the local community.

“We would like to say that we truly appreciated your incredible expressions of support and your patience throughout this process.

“We are sorry it is not to be. We wish the team and everyone associated with it much good luck and success.”

Interestingly, this statement confirms that the ‘commercial agreement’ between the consortium and Mike Ashely expired. This was first reported by The Telegraph’s Luke Edwards a few weeks ago. So maybe there’s something to the Henry Mauriss and Clear TV angle.

The statement also cites the uncertain conditions surrounding the Premier League for next season due to the coronavirus. However, it’s ultimately the prolonged owners’ and directors’ test that has doomed this takeover attempt.

The Investment Group could have made provisions to accommodate any uncertainties surrounding next season had they been afforded the time to do so. However, the Premier League did not want to make a decision as they were in a no-win situation.

So like gutless dithering cowards they let the process linger with the hopes that it would just go away. They got their wish but at what cost to Newcastle United.

This action by the league is truly disgraceful and they have shown their utter disregard for Newcastle United and its fanbase.

But now we must begrudgingly continue to plod forth on this familiar path. We cannot allow any new seeds of contempt to blossom and further impact our faith in this club.

We must back Steve Bruce and the players and continue to hope that someone somewhere comes to the rescue of Newcastle United.

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355 comments so far

  • carltoon

    Jul 30, 2020 at 5:01 PM

    Comment #41

    I am truly truly heartbroken, I invested so much hope, not just for myself but for the future generations of Newcastle supporters, I’ve cried since I heard the news, although the tears I’ve shed for this club would be a river. Please don’t all start arguing who was right or wrong, nobody wins from this outcome.

    38
  • Jib

    Jul 30, 2020 at 5:02 PM

    Comment #42

    Lot of stupid ill-informed hysteria on twitter
    Spilling over on to this fine blog unfortunately

    1
  • RIP NUFC - shut it down

    Jul 30, 2020 at 5:02 PM

    Comment #43

    Piss off, Mund! You twat.

    13
  • IrishRob

    Jul 30, 2020 at 5:02 PM

    Comment #44

    I think I’m going to join you John, the only thing keeping me here was good news, imagine how toxic it’s going to get over the next few months.

    2
  • Jib

    Jul 30, 2020 at 5:02 PM

    Comment #45

    Well said carltoon

    6
  • Nufc Deceased.

    Jul 30, 2020 at 5:03 PM

    Comment #46

    So that’s a hat-trick of failed sales to filthy rich Arabs.

    6
  • IrishRob

    Jul 30, 2020 at 5:03 PM

    Comment #47

    IZZAT you’re 100% right!

    0
  • Uncertain Toon/World

    Jul 30, 2020 at 5:04 PM

    Comment #48

    Project Zebra has left me deflated.

    Upside – We know Ashley wants to sell.

    1
  • Gothmog's Pyjamas

    Jul 30, 2020 at 5:04 PM

    Comment #49

    Lets be honest though, the next time the Saudis do something horrific somewhere in the world, bombing kids or killing whoever, we will feel huge relief not to be linked to it and have the club dragged through the mud by being owned by them.

    the reality of the future with them would have been exhausting, constant attention from amnesty etc and that lot, scrutiny on us anytime something happened somewhere in the world etc.

    As gut wrenching as it is right now, may something better and more peaceful is around the corner.

    5
  • Mund

    Jul 30, 2020 at 5:05 PM

    Comment #50

    Let’s hope Jim White is right on Amanda saying she won’t give up.

    5
  • Paul141726

    Jul 30, 2020 at 5:05 PM

    Comment #51

    Feel the same carltoon, unfortunately. Will crack open a beer or five, drown my sorrows and be back for the nightshift.

    4
  • RIP NUFC - shut it down

    Jul 30, 2020 at 5:05 PM

    Comment #52

    Already have idiots on Twitter, those who can;t face reality, clinging to a Jim white quote of Staveley where she apparently said tearfully “she won’t give up.”.

    What utter bollocks.

    Some people are so docile and easy to string along. Masochists.

    16
  • Mund

    Jul 30, 2020 at 5:06 PM

    Comment #53

    RIP

    Pricks like you shouldn’t be on here

    10
  • IrishRob

    Jul 30, 2020 at 5:06 PM

    Comment #54

    Fuuk off Amanda, I dont believe a word of what she says!!

    2
  • JohnJ

    Jul 30, 2020 at 5:06 PM

    Comment #55

    To say I’m gutted is an understatement beyond measurement!!!

    As someone in my mid seventies who has supported NUFC through Thick & Thin (Not much thick I hasten to add) my time is running out hoping that one day I could/would see Newcastle United FC lift some of the top prizes around – the EPL title would be nice for starters.

    I’m filled with absolute DISGUST that the EPL and their Captain (Richard Masters) have done the dirty of one of the best supported teams in their league!

    It seems as obvious as the nose on my face they just did NOT want this to happen!!!

    Yet we have Chelsea with a Russian Owner Man City & Sheffield United with owners from the middle east & quite a few other clubs who have perhaps dubious owners in the Premier League!!!

    To be honest I can’t put on here what I think of the people who run the Premier League but what they need to remember is there are twenty teams in the league not just the clubs from London, Manchester, and Liverpool – without the rest there just would not be a Premier League at all.

    Where this leaves our club now – Newcastle United – I shudder to think!

    24
  • RIP NUFC - shut it down

    Jul 30, 2020 at 5:06 PM

    Comment #56

    HA!

    Mund there showing he is precisely one of them.

    5
  • Mund

    Jul 30, 2020 at 5:08 PM

    Comment #57

    Having a go at other fans at a time like this top lad you are RIP

    8
  • TheTinman

    Jul 30, 2020 at 5:08 PM

    Comment #58

    I’ve voiced my concern over the state of football a few times over the last couple of years. Rich clubs dominate. The table is split in two, we can see by the lower than ever points totals for the lesser teams. It is getting worse every single year. Don’t be surprised to see 5 sub rules come in next season to further favour the rich clubs.

    Until a salary cap or genuine Financial Fair Play comes in the game is f**ked

    The one thing the Americans got right is their top sports structure. NBA and NFL are far superior in terms of fairness, adding emphasis to tactics and team spirit. In football the bottom line is always money.

    This was the final nail in the coffin for football for me. An unfair game in which we are not favoured and will not be allowed to join the top table. I’ll stick to Boxing and MMA

    Tinman out

    9
  • RIP NUFC - shut it down

    Jul 30, 2020 at 5:08 PM

    Comment #59

    Mund

    Dopey bullies like you just don’t like being spoken to bluntly.

    Dish it out to Vegan trying to gang up on him, but cannot take it.

    19
  • Rotonda heights

    Jul 30, 2020 at 5:08 PM

    Comment #60

    Trouble is if the richest sovereign fund in the world is talking about the influence of covid, who on earth out there is rich enought to take us on in the current situation

    3
  • SuperShearer

    Jul 30, 2020 at 5:10 PM

    Comment #61

    Watch PIF go and buy Roma now – Italy know a cashcow when they see it and believe it or not Football NEEDS someone willing to pump money into it.

    This will come back to bite the PL as the Saudis will spend their billions elsewhere.

    6
  • Mund

    Jul 30, 2020 at 5:10 PM

    Comment #62

    Everyone clinging on hopes of this consortium buying is because of the wealth. Let’s not forget we would of accepted anyone other than Ashley, it’s not over we still might get rid just it won’t be to the most ambitious owners on the planet….which you know is fine by me, devastated but the end game is to be rid.

    5
  • captainmarvel

    Jul 30, 2020 at 5:10 PM

    Comment #63

    Absolutely shot but it took way too long I do think whatever anyone else says that the League has shafted our club..

    Another thought crossed my mind though, what will this event do to the value of the club? It certainly isn’t go up is it?

    4
  • IrishRob

    Jul 30, 2020 at 5:10 PM

    Comment #64

    This was the reason we still haven’t signed Matty because the club dont want to spend money on him, and they have known for months it was never going to happen. Expect Matty to leave soon. Although I dont real care hes not even good, and I’m done with the club anyways. Not even gonna bother watching matches.

    It was hard enough watch them struggle this year thinking we were gonna be took over, it’s going to be impossible to accept that team for the next few years. Cant and wont do it.

    See ye everyone l, I might pop in from time to time just to say hi.

    3
  • Mund

    Jul 30, 2020 at 5:11 PM

    Comment #65

    RIP

    Your a joke mate you really are. So your giving it out to me because I’m talking sense??

    Go have a lie down kidda you need a rest

    2
  • Kevin Vegan

    Jul 30, 2020 at 5:12 PM

    Comment #66

    GP

    If only we could disassociate ourselves with the bombings our own government are responsible for.

    At least we only have one set of bombings on our conscience now.

    That and the association with Mike Ashley, who’s reputation where workers’ rights are concerned is about as respectable as the Saudi human rights record.

    Silver linings and all that but it’s still a very cloudy day.

    1
  • ilovetoon8788

    Jul 30, 2020 at 5:14 PM

    Comment #67

    If its not the Saudi its not going to be anyone.

    We will likely just be a yoyo club for a long long time. This season was pure fluke.

    Certainly odds on favorite for relegation next season. Leeds are going to be miles ahead of us within the next 3 seasons.

    2
  • captainmarvel

    Jul 30, 2020 at 5:14 PM

    Comment #68

    Mund, Ashley might have gained 17m but he could lose three or four times that the price could collapse altogether!

    4
  • Paul141726

    Jul 30, 2020 at 5:14 PM

    Comment #69

    Cap. Marvel—AshLIE seeing another part of his so-called “empire” crumble.

    2
  • Belfast

    Jul 30, 2020 at 5:14 PM

    Comment #70

    Mund

    Sure you said Mbs and Boris Johnson were bessie mates and the government and premier league wouldn’t dare block this takeover. (Repeatedly)

    What happened? Musical differences?

    I think you’re quite lucky Kevin Vegan is the non abusive type.

    21
  • Paul141726

    Jul 30, 2020 at 5:15 PM

    Comment #71

    Of course, that means we are all stuck with him for the foreseeable future.

    0
  • Jib

    Jul 30, 2020 at 5:15 PM

    Comment #72

    IrishRob
    See ye everyone l, I might pop in from time to time just to say hi.

    don’t bother

    15
  • magpie6699

    Jul 30, 2020 at 5:15 PM

    Comment #73

    Nothing here people.
    Not going to read anything worthwhile now,
    Mauriss has less than half Ashley’s wealth and twice the con man.
    Don’t want to read that we’re supposed to be excited about a loan deal for Wigan’s reserve goalie or something.
    For a not-so-brief time we had hopes of improvement in the team, facilities, relations with the fans and indeed investment in the city and region.
    Thank you Premier League.
    Bye all.

    4
  • captainmarvel

    Jul 30, 2020 at 5:16 PM

    Comment #74

    Ashley could lose out big time with this he’s been hung out to dry…

    2
  • ShirebrookToon

    Jul 30, 2020 at 5:16 PM

    Comment #75

    Footin gutted after hearing the news. We’re destined for mediocrity. Clubs on life support.

    7
  • ilovetoon8788

    Jul 30, 2020 at 5:18 PM

    Comment #76

    Be prepared for the sale of ASM to fund signings. Don’t say I didn’t warn you.

    1
  • Moonraker15

    Jul 30, 2020 at 5:18 PM

    Comment #77

    Well at least we know the Saudis won’t be buying Wet Spam!
    What a fckin let down!
    Another season with the three Stooges!

    2
  • Mund

    Jul 30, 2020 at 5:18 PM

    Comment #78

    Belfast you jog on as well

    The vegan didn’t admit he was wrong and I ask right so what’s your point you tool.

    What’s wrong with some fans really?

    We get the worst news we could imagine and your on at me lol

    Your a joke everyone of you get a life

    3
  • jonnyshaw85

    Jul 30, 2020 at 5:18 PM

    Comment #79

    I had literally just m finished watching the Steve Wraith talk from last light with Geordie Dentist etc. At the end they had all agreed that they buyers would NOT walk away. Finished watching and looked at my phone and this….! You couldn’t make it up!

    9
  • Charlie in the Gallowgate

    Jul 30, 2020 at 5:19 PM

    Comment #80

    Be nice to get a statement from the EPL on why it was taken so long.
    Tw**ts got their wish Rejoicing in HQ hold off long enough don’t make a decision and they’ll go somewhere else

    11


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