Newcastle Utd confirm legal move over failed $460m Saudi takeover bid

SourceArabian Business
SectorEconomy
CountrySaudi Arabia

Newcastle have confirmed they are in a legal dispute with the Premier League over the failed takeover of the club. A consortium featuring the Saudi Arabia's Public Investment Fund, Amanda Staveley's PCP Capital Partners and the Reuben Brothers withdrew its £350 million ($460 million) offer for Newcastle earlier this year following a long wait for the Premier League to approve the deal. Deal had been agreed to buy the club for $390m from current owner Mike Ashley in April Newcastle owner Mike Ashley, pictured below, had indicated he would consult lawyers over the collapse and his club revealed the legal case on Thursday in response to alleged "leaks" by the Premier League. "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," a Newcastle statement said. "The club makes no comment on the substance of the arbitration, but it can confirm that it has issued arbitration proceedings against the EPL. "It is unclear when those proceedings will be resolved, given the approach of the EPL and its lawyers, Bird & Bird.

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