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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

  • The Newcastle Armchair

    Jul 30, 2020 at 5:19 PM

    Comment #81

    Lol if you all think this is really over

    They play funny games them Saudi’s

    2
  • Jib

    Jul 30, 2020 at 5:20 PM

    Comment #82

    Some naive fans (who were warned ) invested too much hope in this takeover which was always iffy.

    4
  • Optimistic prime

    Jul 30, 2020 at 5:21 PM

    Comment #83

    No real surprise, didn’t expect this to come off for a while.

    At least another year of Ashley for the fans and club to suffer.

    Whoopee footin doo

    6
  • ShirebrookToon

    Jul 30, 2020 at 5:21 PM

    Comment #84

    Armchair

    What do you mean by that comment

    1
  • phy

    Jul 30, 2020 at 5:21 PM

    Comment #85

    Absolutely gutted but not surprised. Predicted it at the start that the PL would prevaricate until PIF pulled out. Now back to mediocrity. I personally will not be watching, attending or doing anything to provide FCB with any of my hard earned. It is also impossible to seperate the team from the regime anymore so guess thats us done. One question tho, who announced it? Seen loads of quotes but no name attached?

    2
  • chancel be a fine thing

    Jul 30, 2020 at 5:21 PM

    Comment #86

    Absolutely gutted.

    1
  • chancel be a fine thing

    Jul 30, 2020 at 5:22 PM

    Comment #87

    My best guess, PL asking for too many concessions (knowing they couldn’t/wouldn’t be met) and Saudi’s not wanting to fail the test, jumped. Possibly deeper geopolitical forces at play, as MBS is not the puppet powerful ‘American’ shadow forces want to take power in KSA.
    But we will never know the truth, thousands of clickbait stories to appear covering every theory. Silence from Ashley,Silence from PL, we’ve got our statement from the buyers. No-one invovled wants the full truth to out.

    2
  • Davas28

    Jul 30, 2020 at 5:22 PM

    Comment #88

    Perhaps the agreed contract was only valid for 3 months as they said the agreement had come to an end. So, if the PL didn’t want to accept it, all they had to do was procrastinate till it ran out.
    Perhaps it also ties in with the odd report about Ashley playing games recently as he’d have wriggle room if it had ended.
    The 17m deposit may have only also been valid for this period of time so Ashley won’t get it if that’s the case.
    But who knows.

    0
  • Mund

    Jul 30, 2020 at 5:22 PM

    Comment #89

    Ashley wants out he doesn’t want this football clu.

    0
  • c-dog

    Jul 30, 2020 at 5:23 PM

    Comment #90

    It’s gone

    Bruce is the man to lead us under Ashley

    Time to get on with it or go support another club

    0
  • RIP NUFC - shut it down

    Jul 30, 2020 at 5:23 PM

    Comment #91

    Mund

    I’m giving it out to you because you have been the chief cheerleader, the one constantly banging on about how it’s happening and shooting down anybody that would say otherwise, despite a growing body of evidence to the contrary ever since the initial timeline slipped. Building people up when others urged caution. This is aside from your attempts to ostracise Kevin Vegan and use schoolyard tactics against him.

    Just because you claim to be talking sense doesn’t mean you are. I mean even now you regurgitate Jim White’s guff about Staveley – you’re a dumb sucker who people shouldn’t listen to.

    21
  • Jib

    Jul 30, 2020 at 5:23 PM

    Comment #92

    “The Newcastle Armchair
    Lol if you all think this is really over”

    It is

    The Saudis jumped to save face because they
    knew they were going to be pushed

    Because they pulled out they have no legal
    recourse whatsoever

    1
  • Kevin Vegan

    Jul 30, 2020 at 5:23 PM

    Comment #93

    Mund how are you possibly playing the “I am right” card now when you were guaranteeing us there was no way it could fail and Poch and Koulibaly were basicallly already on their way?

    I’m not going to rub it in mate as this is a bitter pill to swallow for us all, but at least have some decency and admit that you were wrong too if you’re going to sling mud at me.

    Now I’m going back to ignoring you again as I have done for the last 24 hours or so. Funny how you’ve repeatedly posted about me while trying to claim you’ve moved on and that it’s you who is being the bigger man.

    What a joke.

    10
  • Mund

    Jul 30, 2020 at 5:25 PM

    Comment #94

    NUFC 360
    @NUFC360
    Staveley was in tears as she spoke about the consortium’s decision today to withdraw the £300 million offer. She also criticised the Premier League for not approving the takeover — the league has still not given any indication of when it would make a decision. [The Times] #NUFC

    Mehrdad Ghodoussi
    @ghodoussi
    Amanda and I would like to take this opportunity to thank all the incredible fans of #NUFC for their support. You are truly amazing!!!

    5
  • The Newcastle Armchair

    Jul 30, 2020 at 5:25 PM

    Comment #95

    4 months worth of work from the PL

    2 days ago Masters says they don’t know how their structure of ownership works

    Saudi “pull out” a day after the WTO court case

    We are also nearing one week into the transfer window

    Masters needs to pull out some aces and fast

    0
  • Mund

    Jul 30, 2020 at 5:27 PM

    Comment #96

    RIP

    So your anger in all this is aimed at me? Lol stop being a keyboard warrior the lad is a WUM and I’m not the only one to say so. I’m guessing your saving them posts for when they pop on eh?

    5
  • Asi Fish

    Jul 30, 2020 at 5:28 PM

    Comment #97

    I am effing threaders!!!!!!!!!!!!!!

    1
  • ShirebrookToon

    Jul 30, 2020 at 5:28 PM

    Comment #98

    Masters needs to pull his heed out of his arse

    2
  • chancel be a fine thing

    Jul 30, 2020 at 5:28 PM

    Comment #99

    Please, let’s not make the blog a place for point scoring or misplaced anger. It’s already a tough read.

    9
  • phy

    Jul 30, 2020 at 5:28 PM

    Comment #100

    One other thought. If this is the consortium pulling out, say due to excessive demands, is it possible that there may be a behind the scenes call of “we were going to pass it” to get them back on board? Nobody in business does things without contingency clutching at straws here hoping that it is an attempt to strong arm the deal.

    3
  • Charlie in the Gallowgate

    Jul 30, 2020 at 5:29 PM

    Comment #101

    Yes we are all disappointed but Instead of abandoning Newcastle United it’s time to get behind the manager, players coaches and staff and if your going to take your anger out on someone – takeout out on the Premiership for not making a decision months ago
    Yes or No – gutless morons

    9
  • Bants

    Jul 30, 2020 at 5:31 PM

    Comment #103

    “Ever get the feeling you’ve been cheated?”

    John Lydon.

    26
  • 9

    Jul 30, 2020 at 5:31 PM

    Comment #104

    I was certain this was a genuine bid (it was) and so I was convinced it would happen, so I was wrong. I’m amazed, however, at all the posters who are blaming everybody but the true incompetents here /: the gorgeous Mrs Stavely and her very rich Arab friends, who have been robbing the EPL blind over TV rights (their source of massive, massive, massive income), which everyone fully acknowledges to be the case, and then thinking they can politely ask the EPL to let them in. I always assumed they would bung the EPL enough wonga to smooth things over, but now this hasn’t come to pass, what incompetent chumps they have been exposed as. Yet another foolish failure by the totally head-in-the-clouds incompetent MBS. Will he ever get anything right?

    2
  • Asi Fish

    Jul 30, 2020 at 5:31 PM

    Comment #105

    Funny how everyone is now an expert on why it failed or why PIF pulled out when early they were experts on why it will go through and how the future will look.

    Joke blokes.

    Proper gutted.

    Not interested in silver linings right now…..ram ’em!

    5
  • Slatymag

    Jul 30, 2020 at 5:32 PM

    Comment #106

    Gutted. This was a massive chance not only to leave behind mid to lower table relegation battle mediocrity but to actually have a forward thinking club with ambition and drive. What now – Bruce, Ashley and his revised budget along with yet more tempering of expectations by a club that is happy treading water and media telling us how lucky we are.

    Gutted.

    0
  • Toonboy_84

    Jul 30, 2020 at 5:32 PM

    Comment #107

    Why do I feel that there is another twist is this tale?

    4
  • MidlandsMag

    Jul 30, 2020 at 5:33 PM

    Comment #108

    This was deliberately drawn out until it was too late for the buyers to enable them to upgrade the team/manager to ensure, as much as is possible, premier league survival next season.

    Many theories as to why the PL did this but think they bowed to pressure from parties who had no right to be applying that pressure.

    Gutted.

    7
  • Mund

    Jul 30, 2020 at 5:33 PM

    Comment #109

    “They (the Premier League) tried to make the state of Saudi a director.”

    “The PIF had agreed to become a director.”

    “Do we give up now? I don’t know, there may be a way forward, but we have had to put a statement out”

    Amanda Staveley on the PL and #NUFCTakeover

    6
  • IrishRob

    Jul 30, 2020 at 5:33 PM

    Comment #110

    Jip stain being a prick really does suit you down to the ground doesnt it.

    6
  • geordietom

    Jul 30, 2020 at 5:33 PM

    Comment #111

    cant believe that people come on and gloat , whats that all about …

    6
  • captainmarvel

    Jul 30, 2020 at 5:33 PM

    Comment #112

    Looking at the bigger picture the value of any football club must be less than it was before the pandemic, and that must have been understood by the Sauds, it will be interesting what happens from now on and what the response will be from Ashley and the league…

    3
  • geordietom

    Jul 30, 2020 at 5:34 PM

    Comment #113

    back to wor team . the windows open go out and buy a player who can score goals…

    3
  • dougie

    Jul 30, 2020 at 5:34 PM

    Comment #114

    Oops!

    0
  • DeanToon88

    Jul 30, 2020 at 5:34 PM

    Comment #115

    F**k it, I’m off out for a pint or 20

    1
  • Mund

    Jul 30, 2020 at 5:34 PM

    Comment #116

    I’m not giving up

    6
  • DaveD1000

    Jul 30, 2020 at 5:34 PM

    Comment #117

    Tonight I shall mostly be getting ratarsed

    3
  • The mighty wyn

    Jul 30, 2020 at 5:35 PM

    Comment #118

    Been supporting this club through thin and more thin for 60 years
    Never been more down about the club as we are a laughing stock again
    Don’t believe there are any other bidders and in any case it’s too late for this transfer window so were going down
    Think that’s it for me I’ll find something else to do on a Saturday instead of watching the press and other fans having a laugh at the the thick geordies
    Can’t believe some on here seem to be rejoicing in the fact were stuck with ashley

    11
  • Mund

    Jul 30, 2020 at 5:35 PM

    Comment #119

    I’m praying this is a power move

    2
  • geordietom

    Jul 30, 2020 at 5:36 PM

    Comment #120

    there’s a saying ” every cloud has a silver lining ” , not true we get all the dark clouds …

    2


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