Newcastle United’s fabled take over has collapsed on its head.
The cash-rich Saudi Arabia owners backed out stating financial reasons and it is a big heartbreak for both Newcastle fans and owner Mike Ashley.
The Premier League and the consortium were strongly against the takeover with Liverpool and Tottenham Hotspur being the most vocal of all. The 300 million pound takeover which would have seen Newcastle not only become rich but the richest club across the globe would have created serious implications for European football.
It is being reported that the understanding of the Arabs that they would not be passing the FFP rules and failure to convince the Premier League about the work of the board became a big reason why the takeover collapsed.
They have, however, stated the reason as a financially and commercially unstable project for backing out – which can be a very good straw man in conditions like this.
“We are heartbroken obviously,” a tearful Staveley said. “Of course we do [blame the Premier League]. They had a chance, they say we have not answered all the questions and we have done so. But the other clubs in the Premier League didn’t want it to happen.”
Staveley also told the Times: “The piracy issue was not an issue but we tried to resolve it anyway. They [the Premier League] tried to make the state of Saudi a director. The PIF had agreed to become a director.”
See More: Newcastle United Players Salaries 2020