Newcastle takeover bid kicked into the long grass as arbitration adjourns hearing into Saudi Arabia-backed £300m offer
The prospects of a £300m Saudi takeover of Newcastle United appear to be receding after a legal bid to overcome Premier League objections was delayed.
An arbitration hearing was adjourned until next year “due to issues with the disclosure of evidence”, the club and league said in a joint statement.
It means that Magpies fans face months of more frustration, while current owner Mike Ashley could remain at the helm for the whole of next season.
That is also likely to have an impact on any potential transfer budget available to manager Steve Bruce.
A joint statement from the Premier League and Newcastle read: “The parties attended a hearing today in the case between Newcastle United and the Premier League.
“The main hearing of the arbitration has regrettably now been adjourned until early 2022 due to issues with the disclosure of evidence.
“The parties will be making no further comment at this time.”
Newcastle fans criticise lastest blow to takeover
A consortium led by Saudi Arabia’s sovereign wealth fund PIF struck a £300m takeover deal with sportswear mogul Ashley in April 2020.
Three months later the group, which also includes Amanda Staveley’s PCP Capital Partners and the Reubern Brothers, said it was walking away.
However, Ashley has stepped up legal efforts since then to clear any regulatory hurdles.
Industry sources believe that the biggest obstacle is Saudi Arabia’s connection to piracy, which is one of the biggest threats to the Premier League’s business model.
The Newcastle United Supporters’ Trust criticised the adjournment and accused the Premier League of “obfuscation”.
“In our view it is unacceptable that Newcastle United has been left in limbo for 15 months by the Premier League’s opacity regarding the Owener’s and Director’s Test, and what actually happened last summer,” it said.
“Another delay of at least six months reinforces the need for transparency across all aspects of this situation.”