Failed takeover. “Newcastle” preparing to pursue arbitration against the Premier League after the protracted checks
The Club confirms to pursue legal action against the Premier League after prolonged for 17 weeks. The issue focused on the fact that the consortium is backed by Saudi Arabia
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The Club almost changed its owner after Mike Ashley tried to sell Newcastle, which he bought for 134.4 million pounds (about 5,376 million bahts). Finally, a consortium comprising of Public Investment Fund (PIF), whose chairman is Crown Prince Mohammed bin Salman of Saudi Arabian Royal family, Amanda Staveley’s PCP Capital partners, and the Reuben Brothers, offer to take over ” Newscastle Club ” in 300 million pounds (about 12,000 million bahts). Unfortunately, after waiting in vain for permission from the governing body to complete a deal that was presented to it for 17 weeks, the consortium decided to withdraw from the takeover.
Newcastle United has confirmed the pursuit of legal action with the English Premier League (EPL) about Newcastle’s takeover deal from a Saudi Arabian-backed consortium. Newcastle has issued the club statement on Thursday 19 November 2020 that;
“It appears that the EPL has leaked the details of failed takeover. The Club understands that these will be matters of great concern to its fans and therefore considers that, in light of the information disclosed by the EPL, it has no choice but to respond and update its fans in response to this coverage” and “The club makes no comment on the substance of the arbitration, but it can confirm that it has issued arbitration proceedings against the EPL.”
“the bid failed midway after the consortium declined an offer of independent arbitration and voluntarily withdrew.”Richard Master, the Premier League’s chief executive, argued that
The delay in the Premier League (EPL) decision was from the close inspection of such consortium as there are rumors about the next Newcastle club manager. This is because the consortium is backed by Saudi Arabia, a country with many ‘issues’ with the global society. The biggest issue is the open letter from beIN SPORTS, a world-class sports channel from Qatar that has the rights to live broadcasting world-class sports. The open letter objected to the Saudi-backed consortium taking over one of the Premier League clubs. Since Saudi Arabia itself is a severe infringer of live broadcasting, causing beIN SPORTS to suffer huge damages over the years.
In the wake of the issue between beIN SPORTS and beout Q, the illegal sports channel that illegally streamed international sports broadcasting from Qatar to Saudi Arabia, beIN SPORTS asked the Saudi government to take action against the illegal sports channel originated in their country, but such efforts were in vain. On the contrary, the Saudi government appears to be promoting beout Q. This is a problem that stems from the dire relations between the two countries that escalated to a dreadful conflict.
The incident left the Premier League (EPL) hesitant and went into in-depth scrutiny, causing a 17-week delay and eventually resulted in the consortium’s withdrawal to takeover Newcastle. Newcastle accused the Premier League of acting inappropriately in rejecting the takeover bid based on an owners and directors’ test and said they would be considering all appropriate options available.