Newcastle United have just issued a statement regarding recent ‘leaked’ confirmation from the Premier League that the club is in a live legal battle over the failed Saudi-backed takeover.
The Athletic has just written a report detailing the specifics surrounding the case and how Newcastle’s statement came about.
One interesting detail from the article is that it contends the Saudi’s are still very much keen on purchasing Newcastle United. While they withdrew their interest in July, that was due to frustration with the process which had become drawn out over a dispute of who would wield ultimate control at Newcastle.
The Premier League contended that the Saudi state, through the Public Investment Fund, would be an owner and therefore additional paperwork was necessary for the process to continue.
However, the Saudis were adamant they should not be listed as an owner but declined to go through independent arbitration.
The process ultimately stalled at this juncture and with no sign of give from the league, the Saudis pulled the plug in July citing the financial impact of Covid-19 as a primary reason.
It appears as though they are biding their time to see if Mike Ashley’s legal action against the Premier League will bear any fruit. If so, the hope would be that the takeover could be salvageagle.
However, that still seems like a longshot as there are many entities opposed to this takeover. We’ll see what happens going forward but won’t get our hopes up as they’ve been crushed too many times.