September 30 – The long-drawn-out £300 million takeover of Newcastle United by a Saudi Arabian-backed consortium could finally be sanctioned by the Premier League if it is decided at arbitration that the Kingdom of Saudi Arabia (KSA) will not be a director of the club, according to reports.
Newcastle owner Mike Ashley has been looking to sell the club for 14 years and thought he’d finally found a buyer last year in the shape of the Saudi Arabia Public Investment Fund (PIF).
However, the Premier League has continually delayed any approval, forcing the Saud’s to back out of the deal.
Now, apparently, there has been a further twist with the issue set to be determined once and for all in early January with arbitration proceedings between Newcastle and the Premier League.
Daniel Jowell, a lawyer representing Ashley, told a Competition Appeal Tribunal (CAT) case that it is “impossible to know” whether the PIF – which is aiming to buy an 80% stake in Newcastle – would wait until 2022 to conclude the deal.
At the hearing, held on Wednesday and watched by thousands of Newcastle fans via a livestream, it was confirmed that arbitration, which had been underway for much of this year, before being postponed in July due to issues surrounding disclosure of information, will commence on January 3.
According to Adam Lewis, the Premier League’s QC, arbitration will “run for a little over a week”, meaning the saga should finally conclude after a two-year process.
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