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Sources: Big update on Newcastle takeover and when it may be completed
Newcastle United are privately confident the Premier League will sanction the Saudi-backed takeover after arbitration proceedings in July, Football Insider has been told.
United owner Mike Ashley has taken legal action against the governing body after it blocked the proposed £300m deal at the eleventh hour last summer.
A Newcastle source has told Football Insider that all parties are still committed to the deal and there is growing hope it will be concluded by the end of July.
That could pave the way for huge changes at the club.
Newcastle owner Mike Ashley was unhappy how last summer’s Saudi-led takeover was dealt with by the authorities.
He has taken action to secure Premier League approval for the proposed takeover, hiring high-profile lawyer Nick De Marco to enter into an arbitration process.
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The club are seeking an injunction to make the Premier League reconsider how it applied its owners’ and directors’ test to the takeover bid.
Newcastle are also seeking damages from the Premier League, who they accuse of breaching anti-competition law.
Competition Appeal Tribunal (CAT) president Hon Mr Justice Roth revealed the arbitration proceedings, “are being heard on an expedited basis in July 2021”.
The consortium is a joint venture between Saudi Arabia’s public investment fund, the billionaire UK-based Reuben Brothers and Amanda Staveley.
PIF, which has offered to buy 80 per cent of Ashley’s shares, is chaired by Saudi Crown Prince Mohammed Bin Salman.
Talks have continued behind the scenes since the Premier League refused the takeover last summer.
Newcastle fans were furious when the Premier League refused to allow the takeover after a deposit was paid and all relevant paperwork signed in April of last year.
They have long been desperate to bring an end to the 14-year reign of Ashley, who is a deeply unpopular figure among the fanbase.
In other news, Newcastle United could be beaten by Brighton to the signing of Argentine sensation as £6m+ bid lined up.