Newcastle United takeover timescales alter as legal challenge continues

Timescales for progress on the takeover of Newcastle United by a Saudi-led consortium have been altered in recent weeks.
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Mike Ashley, along with trusted confidant Justin Barnes, have been tasked with pushing the takeover through by the money men behind the deal – and have begun their legal challenge to the Premier League via Blackstone Chambers duo Shaheed Fatima QC and Nick De Marco QC.

But the push for progress, which remains ongoing behind the scenes, is not expected to bear fruit until at least December or January, despite rumours circulating online to the contrary.

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This news may come as a shock to some fans who had been hoping for movement imminently.

Newcastle United's St James's Park.Newcastle United's St James's Park.
Newcastle United's St James's Park.

The consortium led financially by the Public Investment Fund of Saudi Arabia, politically by the Reuben Brothers and publicly by Amanda Staveley and Mehrdad Ghodoussi’s PCP Capital Partners remain interested in getting the deal done, but the hope of a quick fix to the problematic takeover is fading fast and focus has now switched from the short to medium term. It remains to be seen whether all parties will remain at the table should the fight go long term.

While Ashley’s legal teams get their ducks in line for a challenge to the Premier League, the consortium remain content with the idea they can have a financial impact on Newcastle United this season, with the January transfer window – open on January 4, 2021, and close on February 1, 2021 – still seen as a possibility by those involved.

Ashley remains desperate to offload United despite playing the ‘caring owner’ role by attending each of the Magpies’ opening Premier League games of the 2020/21 Premier League campaign. And there is a positivity among his legal representatives that this deal can be pushed through.

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The Gazette understands the consortium have agreed to pay more than the originally agreed £300 million for the football club. It’s understood PIF, PCP and the Reubens – who will split the club 80%, 10% and 10% – have accepted an Ashley proposal which would see them shell out an extra 10% on top of their original purchase price.

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