PiF takeover handed a 'huge boost' by Newcastle development - pundit

Frank McAvennie has branded the Premier League’s actions as a ‘load of nonsense’ and claims the potential Newcastle United takeover by PiF has been handed a huge boost.

The former Celtic and West Ham hitman, speaking exclusively to Football Insider, was reacting to the most recent developments in this takeover saga.

Last week, the Magpies confirmed HMRC [HM Revenue & Customs] were discontinuing their investigation into the club’s taxes.

As revealed by Football Insider in April, the Magpies are privately confident the Premier League will green light the Saudi-backed takeover bid over the coming months.

Last week, Ashley also launched an anti-competition lawsuit against the Premier League in regard to the takeover.

McAvennie claims this breakthrough could change the landscape of the takeover but is still baffled as to why the Saudi-led PiF (Public Investment Fund) bid wasn’t accepted last year.

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“Mike has been wanting to sell Newcastle for years,” McAvennie told Football Insider correspondent Ben Wild.

“Loads of people have come forward and he’s never sold it. If he’s wanting to sell it, why is he still there? 

“The powers-that-be said ‘no’. I know he’s taking the Premier League to court because they stopped someone buying it.

“That’s the biggest load of nonsense, look at the boys at Man City. They’re Saudi so I’m not sure why this wasn’t all sorted ages ago. 

“Maybe the HMRC stuff has changed something, I don’t know too much about it. But not having that going on has to be a huge boost for the takeover.” 

Newcastle have confirmed their status as a Premier League club for another season following Fulham’s relegation on Monday.

On Friday, Steve Bruce was awarded the manager of the month award for April after some much-improved results.

In other news, Newcastle United backed to seal “truly incredible” signing after Bruce update.