https://theathletic.co.uk/2268674/2020/12/18/newcastle-tv-deal-takeover/
Those on the buying side remain adamant that nothing has materially changed with the new TV deal. Ashley and Newcastle, through arbitration, are contesting the Premier League’s Owners’ and Directors’ Test, which failed to approve the prospective takeover.
While the club has confirmed that it “has issued arbitration proceedings against the EPL”, it has not revealed what form this legal action will take, insisting they will not comment on its “substance”. However, what is clear is that it is part of their attempts to force through the takeover, or at the very least seek further answers or extract some form of compensation from the Premier League.
The Athletic understands the Saudis remain determined to buy Newcastle, despite having officially withdrawn the bid in July, but they will only retable their offer if a pathway towards approval is unveiled.
Newcastle had hoped for positive progress in September following political pressure and government involvement. Since then, Ashley has hired Nick de Marco and Shaheed Fatima, both QCs, to lead his case in his and the club’s dispute with the Premier League.
When the arbitration process will be concluded, and what the outcome will be, remain frustratingly unclear, though.
Newcastle Consortium Supporters Ltd (NCSL) — a group of fans who have launched legal action of their own — are also keeping the pressure on the Premier League.