Newcastle's £300m takeover collapsed because of concerns the Saudi Arabian state would control the club

Newcastle United’s takeover failed last month and the reason was a deadlock over whether the Saudi Arabian state would be in control of the club, according to Daily Mail. A petition requesting 108,000 signatures has now been raised, calling on the Premier League to explain their reasons for delaying the takeover. Mike Ashley accepted a £300million offer from a consortium made up of the Saudi Arabian Public Investment Fund, the Reuben Brothers and Amanda Staveley. Premier League chief executive Richard Masters has been personally targeted, with his home address reported on online fan forums. The dispute concerned the completion of a key Premier League form in the owners and directors test regarding club control and ownership. The 80 per cent stake in the club that would reside with Saudi Arabia. The Premier League wanted to make clear the link between the Saudi Arabian state and Newcastle but met opposition. An offer to place the issue in the arbitration to break the deadlock was also cut before the consortium announced it was pulling out. The Premier League have never rejected the Newcastle takeover. The lengthy legal dispute over state ownership explains why the process dragged on for months. Yasir Al-Rumayyan, the governor of the PIF, was to be the principal Saudi representative on the Newcastle board, but the Premier League were unhappy the direct link to state governance was not being made clear. That sparked fears the owners and directors test would not be passed. It was at that point arbitration was suggested with the League seeking an independent ruling on who would own Newcastle. If an arbitrator had ruled in Newcastle’s respect, the Saudis would have been required to go ahead with owner registration. This would have given the League the right to call Newcastle’s ownership to account over TV piracy by network beoutQ. Source: Daily Mail