News in the Chronicle today that Mike Ashley has hired a top London law firm to look into the failed takeover of Newcastle United.
The law firm is Blackstone Chambers, and they are one of the top law firms who deal with sports related disputes.
The club had said almost a week ago that they would look are all options available to them since they don’t think the Premier League have been fair in their owners’ and directors’ test.
The test lasted a full four months before the Amanda Staveley led consortium withdrew their bid.
The consortium consists of Amanda’s PCP Capital Partners Group (10%), the Reuben Brothers (10%) and the Saudi Public Investment Fund (80%).
The deal is said to be for about £300M with lots of investment available in their first three years of ownership.
Mike Ashley – aggressive legal move made against Premier League
And MP for Newcastle Central Chi Onwurah presented her petition to Parliament last Thursday night, to further put pressure on the Premier League, which has not come out of this looking like an unbiased organization.
The petition demands accountability and transparency in the Premier League’s owners’ and directors’ test.
And when you think the Saudis are also willing to invest in the City of Newcastle upon Tyne as well as the local area, this seems a good deal for more than just the Newcastle club.
UK Prime Minister Boris Johnson is said to want the takeover to be approved.
The Blackstone Group have released the following statement on their website:
“Shaheed Fatima QC and Nick De Marco QC are acting for Newcastle United FC and Mike Ashley (instructed by Dentons) in a dispute with the Premier League about its rejection of 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.”
The dispute is about who the majority owners of Newcastle will be if the deal goes through.
The consortium says it will be the PIF and have given assurance from the highest levels of the Saudi government that that;s the case.
But the Premier League will not accept that, although they say the takeover deal is still ongoing.
The Premier League told the Amanda Staveley consortium they require even more information on this, for their owners and directors test.
This is an excellent move by the Newcastle owner Ashley, because there are definite signs the Premier League have not acted entirely above board or without prejudice in their handling of the Newcastle United takeover,
You wonder if they will want their dirty laundry (which we all know exists) aired in public.
We hope they don’t and that some way can be found to let the deal go through.
Howay The Bonnie Lads.