LONDON – The consortium which withdrew its bid to buy English club Newcastle declined an offer of independent arbitration into the long-running case after a request for additional information from the Premier League, according to the head of the competition.
Premier League chief executive Richard Masters commented publicly about the aborted takeover for the first time in a letter to a British lawmaker, a copy of which was published on Twitter on Friday.
The league spent four months considering whether to approve the 300 million pound ($392 million) takeover that would have seen Saudi Arabia’s sovereign wealth fund gain an 80% share of the northeast club. The process was stalled by concerns about piracy by the kingdom and human rights complaints.
In the letter to local lawmaker Chi Onwurah, Masters said that after an impasse was reached in the league’s owners’ and directors’ test, the consortium was asked for more details about which entity would have control of the club so an assessment could be made about any possible disqualifying criteria.
“The Premier League recognized this dispute, and offered the consortium the ability to have the matter determined by an independent arbitral tribunal if it wished to challenge the conclusion of the board,” Masters wrote.
“The consortium chose not to take up that offer, but nor did it procure the provision of the additional information. Later, it (or PIF specifically) voluntarily withdrew from the process,” Masters added, referring to the Saudis’ Public Investment Fund.
Masters also dismissed suggestions that rival Premier League clubs vetoed the deal.
“The owners’ and directors’ test is delegated to and carried out entirely by the Premier League Board,” he said. “Other member clubs have no role whatsoever in the approval process.”