Premier League Chief Opens Up On Failed Newcastle Takeover

By Daily sports on August 15, 2020

Premier League chief executive Richard Masters has responded to a plea for clarity over the failed takeover of Newcastle United.

PCP Capital Partners’ largely Saudi-funded £340 million bid to buy the Premier League club collapsed recently.

Newcastle fans are unhappy with the failure to seal the deal, especially as the club’s current owner Mike Ashley is widely disliked on Tyneside.

Newcastle Central MP Chi Onwurah asked Masters to discuss the collapsed takeover.

Masters confirmed that after an impasse was reached in the league’s owners’ and directors’ test, Amanda Staveley’s consortium, under which Saudi Arabia’s Public Investment Fund is seeking to buy an 80 per cent stake in the club, declined an offer of independent arbitration.

“In June, the Premier League board made a clear determination as to which entities it believed would have control over the club following the proposed acquisition, in accordance with the Premier League rules,” Masters wrote in a letter published on Friday.

“Subsequently, the Premier League then asked each such person or entity to provide the Premier League with additional information, which would then have been used to consider the assessment of any possible disqualifying events.

“In this matter, the consortium disagreed with the Premier League’s determination that one entity would fall within the criteria requiring the provision of this information.

“The Premier League recognised this dispute, and offered the consortium the ability to have the matter determined by an independent arbitral tribunal if it wished to challenge the conclusion of the board.

“The consortium chose not to take up that offer, but nor did it procure the provision of the additional information. Later, it (or PIF specifically) voluntarily withdrew from the process.”

Masters’ comments came after the consortium withdrew its bid for the club having waited in vain for the green light, although Ashley has insisted he remains committed to the deal 17 weeks after the matter went to the Premier League. (AFP)

 

Source Daily sports

Posted August 15, 2020


 

You may also like...
Morocco beatable in CHAN final, insists Eagles gaffer...

Victor Moses doubtful for Super Eagles friendlies against...

Edo Aiteo FA Cup: Dynamite Win to Set...

Jeffrey Schlupp: Crystal Palace sign Leicester winger for...

Ebuehi ‘Cannot Wait’ To Play For Nigeria Again...

Peseiro denies Zamalek links

 

Latest News Nigeria beat Cameroon to reach IHF final 27 schools for Doregos Basketball Championship Super Falcons to play France’s Les Bleues in friendly SWAN suspends ban on coverage of Anambra FA activities Joshua among boxing’s top three earners in 2024 Oshoala makes history with Bay FC Nnamani hails team over IHF bright start Flamingos lift U-17 W’Cup Fair Play Trophy Rangers Intl, SWAN partner on sports collaboration in SE LAGOS SWAN CELEBRATES AIG ZONE 2 ON HIS BIRTHDAY AND 30 DAYS IN OFFICE Traders Cup: Upholstery Soccer Team Secured 2nd Win To Advance To Round Two Lagos SWAN Celebrates Oba Akiolu, Iyaloja General, AIG Fayoade

 

Most Read Rangers International going, going . . . (55,141 views) Amaju Pinnick: A cat with nine lives (46,269 views) Second Term: Amaju Pinnick, Other NFF Heavyweights Home to Roost •How Pinnick Broke the Jinx (44,350 views) Missing $150,000 IAAF Grant: Solomon Dalung’s Hide and Seek game (43,991 views) Sports Development: Zenith Bank on the zenith (43,931 views) Current issues in Nigerian sports: Matters arising (43,879 views) Gov. Abdullahi Ganduje’s solid footprints, commitment to sports development in Kano State (43,718 views) NFF Presidency: Pinnick, Maigari, Ogunjobi, Okoye in Battle for Supremacy (43,288 views) Olopade, BET9A wave of revolution in NNL (42,332 views) Commonwealth Games 2018: Shame of Muhammadu Buhari, Solomon Dalung (41,035 views) Ibrahimovic’s Man U exit: Whose decision is it? And in whose interest? (39,489 views) John Mikel Obi: Segun Odegbami’s Outrageous Call! (38,916 views)

 

Phone numbers

Tel: +234(0)8066020976
+234(0)8055068145
+234(0)7013416146
+234(0)8094272884

Email addresses

info@dailysportsng.com
support@dailysportsng.com
publisher@dailysportsng.com

Office address

No 3, Adetoun Close, Off College Road, Ogba, Ikeja Lagos.
Website: www.dailysportsng.com

Social Media