It’s been over two months since the takeover deal was agreed between Mike Ashley and the potential owners, but the delay in the Newcastle United takeover process is creating confusion as more information is coming out in the media.
Despite agreeing a £300m deal back in April with Mike Ashley, the would-be owners, like everyone else, is under dark whether the move will at all be sanctioned by the Premier League.
The would-be new owners are pretty relaxed about the situation. They have answered all the questions asked by the Premier League, and have submitted all documents. However, the issues of human rights and piracy remain a major stumbling block.
The potential new owners – the Public Investment Fund of Saudi Arabia, Reuben Brothers and PCP Capital Partners – have already paid a part-payment in the region of £17m which is non-refundable.
According to reports from Forbes, a meeting was arranged involving the owners and directors of the Premier League to vote on Newcastle’s proposed Saudi-backed takeover.
The article also carried quotes from an executive at a ‘top Premier League team’, who compared the vote to a ‘flip of a coin’. However, it is expected that the final verdict will be delivered this week.
Many Newcastle United fans mocked the report on Twitter while there are others who are getting pessimistic about the deal. Newcastle fans don’t seem too pleased with the delay in the takeover process, and their frustration is clearly evident. Here are some of the selected tweets:
Penalty shootout between PIF and WTO would be a more entertaining resolution.
— Running Steve (@RunningSteve_) June 15, 2020
Already decided weeks ago but had to wait for official document to knock it on the head. Richard Keys has his grubby fingers all over this
— The Artist (@TheArti92255157) June 15, 2020
Chief Executives at other epl clubs don’t get a vote on the deal & I doubt they would have any idea which way the epl will jump due to the confidentiality of the epl process.
— ⚫️⚪️Fozzie⚫️⚪️ (@Fozzie94) June 15, 2020
95% of Premier League clubs know blocking money from abroad could impact them in the future if they themselves want to be taken over. The PL know it can't easily turn down investment. Money is everything in modern football. They will see any piracy issue as a bargaining chip.
— ArtDeathCode (@OliverRebel) June 15, 2020
Tails we win, heads you lose.
— Toon Army Reno (@ToonArmyReno) June 16, 2020
— Graeme Everett (@GraemeEverett) June 15, 2020
Premier League club executive….so this is the opinion of an executive who one of his rivals might get mega rich very soon.
— Dan NUFC82 (@dan2882) June 15, 2020
Flip of a coin? Clearly this person has no clue what’s going on if he’s coming out with statements like like.
— Roman (@K67647299Roman) June 15, 2020