The Newcastle United takeover has been hit by another setback, as the arbitration hearing has been adjourned until New Year, according to The Telegraph’s Luke Edwards.
#nufc takeover hit by yet another setback as arbitration hearing adjourned until New Year with both sides having issues with disclosure of relevant information. Unless Ashley sells to someone else likely he will now remain owner for next season #NUFCTakeover more to follow
— Luke Edwards (@LukeEdwardsTele) July 19, 2021
Both sides have issues with disclosing some relevant information, and Magpies owner Mike Ashley is set to remain in charge for next season unless he sells to another party.
The Amanda Staveley-led Public Investment Fund had struck a £300 million deal with Ashley last year#
However, the Premier League’s Owners’ and Directors’ Fitness Test frustrated the potential buyers and they pulled out.
The arbitration court case focuses on Saudi State control of PIF, with Ashley’s lawyers hoping to establish whether there is a separation between the PIF and the Saudi state and who would Newcastle’s ultimate owners be.
Magpies fans were hoping the hearing would be concluded ahead of the new season, but that is now off the table.
Ashley wants to sell the club, but both parties now have to wait for at least six months, and Newcastle will have to go about business as usual in the next two transfer windows.
Head coach Steve Bruce has to rely on loan deals in the coming weeks, with Ashley not willing to splash the cash.
There are no guarantees that the arbitration hearing against the Premier League will go in Ashley’s favour when it resumes.
On that basis, his bid to have the takeover approved could still suffer a huge blow at the end of proceedings.