Newcastle United news: Kieran Maguire issues 'enormous' claim as takeover firm axed
The Premier League were right to cut ties with Peter McCormick amid questions over his firm’s handling of the Newcastle United takeover.
So says finance guru Kieran Maguire, speaking exclusively to Football Insider about accusations of a conflict of interest at Premier League HQ.
McCormick’s legal practice, McCormicks Solicitors, conducted background checks on the Saudi-led £305million Newcastle buyout in October last year.
McCormick, who previously worked as interim vice-chair of the FA, was named head of the top flight on a temporary basis three months later.
This led to consternation among Newcastle’s Premier League rivals when the news emerged in early April.
And The Times reported last Friday (29 April) that McCormicks Solicitors would no longer carry out due diligence on future takeovers.
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Maguire claims that the Premier League have reached the right choice in deciding to axe the law firm.
“It’s enormously important not only to be independent but to be seen to be independent,” he told Football Insider‘s Adam Williams.
“Law firms will be able to have ethical walls that stop accusations of a conflict of interest.
“It doesn’t look great because there appears to have been a lack of understanding among some parties about what was going on.
“My understanding is that the FA weren’t aware that McCromicks Solicitors were working for the FA.”
Newcastle are 10th in the Premier League ahead of their trip to Man City on Sunday (8 May).
Eddie Howe’s side then face Arsenal and Burnley in their final two games of the season.