According to Sportsmail’s David Coverdale, Newcastle United owner Mike Ashley tried to significantly renegotiate the £300 million takeover deal at the last minute with the Saudis, and it was one of the reasons why they pulled out of it today.
Sources close to the Saudis say Ashley tried to 'significantly renegotiate' the £300m deal at the last minute.
One of the reasons why they have pulled out today, as well as losing patience with the Premier League. #nufc
— David Coverdale (@dpcoverdale) July 30, 2020
Saudi Arabia’s Public Investment Fund also ran out of patience with the Premier League after it emerged that they were making no headway following four months of negotiations.
The Newcastle owner had already banked £17 million during the earlier stages of the takeover talks, but it seems he was keen to make more money to himself, and his actions completely got PIF infuriated.
The figure was a nonrefundable deposit paid to Ashley after the Magpies buyers agreed to part with a five percent figure when the sale price was initially set at £340 million.
The final fee eventually dropped to £300 million due to the worldwide financial shortcomings caused by the coronavirus crisis, but the deposit remained the same.
While the prolonged vetting process by the Premier League and the current circumstances relating to the pandemic played their role in the decision of PIF, PCP Capital Partners and Reuben Brothers, Ashley’s last-minute action proved to be the final straw.
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