Saudi Arabia's Public Investment Fund would be prepared to revisit Newcastle United takeover bid
Saudi Arabia's Public Investment Fund (PIF) would be
prepared to revisit their bid to take over Newcastle United.
The PIF, Amanda Staveley and the Reuben Brothers withdrew
their offer to buy the Magpies last week because of the 'prolonged process
under the current circumstances coupled with the global uncertainty'.
The Premier League had been carrying out their owners' and
directors' test for four months and had been grappling with a number of issues,
including the PIF's relationship with the state and the Kingdom's links to
piracy.
Fearing that a resolution was not imminent, the consortium
walked away from the bid on Thursday - although they insisted that was not a
negotiating tactic.
While the Premier League have not commented on the matter, a
number of key figures have since gone on the record. Staveley maintained she
did not want to give up; Lee Charnley, Newcastle's managing director, said
owner Mike Ashley is '100 per cent committed to this deal'; and Martin
Cruddace, CEO of the Reuben Brothers' Arena Racing Company, revealed the
billionaires 'remain totally supportive of the deal should there be a way
forward'.
ChronicleLive understands the PIF are also 'keen' to revisit
the deal if the Premier League are prepared to give the bid the green light but
that, of course, is a huge if.
The Premier League posed a number of questions to the
consortium throughout the process and the buyers insist they offered assurances
from the 'highest possible level' to try and establish that it was the PIF,
rather than the government, who would be the ultimate beneficial owner.
However, given how the crown prince, Mohammed bin Salman, is
the chairman of the PIF as well as the country's deputy prime minister, you can
see how this proved a complicated issue.
It also fell to the Premier League to establish whether
Saudi's history with piracy could be linked to owners or directors nominated by
the consortium.
Saudi Arabia appealed the World Trade Organisation's ruling
that the Kingdom had not provided 'criminal procedures and penalties' to tackle
pirate pay broadcaster beoutQ and recently banned beIN SPORTS, the Premier
League's official Middle East broadcasters, from transmitting in the country.
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