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Positive Optimism - Saudi Takeover Edition

Jinky Jim

by Jinky Jim
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Captain Underpants

Captain Underpants

Posted
Posted
14 minutes ago, nbthree3 said:

 It's like we're back a year with the amount of takeover reports! Something has to be up surely, why's it in a hurry now? Nothing we don't know btw in the above just more smoke to the ever-growing - but never went away - fire


could someone post the full article? 
wasn’t it Jason Burt who broke the story about the takeover last year? 

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Danh1

Danh1

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Posted
4 minutes ago, Captain Underpants said:


could someone post the full article? 
wasn’t it Jason Burt who broke the story about the takeover last year? 

Aye, Burt was one of the few who were getting things right consistently. 

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TheHoob

TheHoob

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Quote

 

The £305million Saudi Arabia-backed bid to buy Newcastle United will be re-submitted if the club wins its arbitration case against the Premier League.

The revelation that Saudi Crown Prince Mohammed bin Salman personally lobbied the Prime Minister is not believed to have forced the would-be buyers to reconsider. The Crown Prince urged Boris Johnson to “correct and reconsider” the “wrong” conclusion that he would be in charge of the club.

This led to the government denying it was involved “at any point” over the failed bid and the attempts to revive it. However officials acknowledged that meetings had taken place between the Foreign Office and the Premier League and Johnson asked a senior No10 aide, Lord Eddie Lister — who is a Middle East expert — to take up the Crown Prince’s complaint.

Despite the controversy, the buyers have not altered their stance and believe the issue remains a legal one with Newcastle having taken the Premier League to arbitration. The offer was withdrawn last July after the Saudis grew frustrated as the Premier League continued to deliberate whether the bid passed its owners and directors test.


Throughout the past year, the bidders have continued to remain interested. The situation may have become more complicated had Newcastle been relegated, but that possibility now looks less likely, while there might be some re-negotiation of the final price due to the delay and the continued financial ramifications of the coronavirus pandemic.

Newcastle takeover Q&A: Everything you need to know about £305m deal 
The Premier League maintained that it had not made a final decision on the takeover, despite 17 weeks of deliberation, although the issue has now gone to private arbitration which is permitted through the organisation’s rule book.

The case has been brought by Newcastle, rather than the consortium which also includes Amanda Staveley’s PCP Capital Partners and the Reuben Brothers who, with PIF, had finally agreed a deal to buy the club from Sports Direct owner Mike Ashley last April as revealed by Telegraph Sport at the time. Ashley remains committed to selling to the consortium and is not believed to have held talks with any other bidders.

However even the arbitration process is taking far longer than expected. It had been hoped it would be finalised in February but now into the middle of April it is understood the three-man panel has still not sat although none of the parties will confirm what is happening because it is deemed a confidential process.

The delay is partly because Newcastle’s legal team, led by QC Nick de Marco, had unsuccessfully gone to the High Court to ask for the removal of Michael Beloff QC as chairman because he could be “biased” as he had previously advised the Premier League in relation to a potential change to its owners and directors test.

The Premier League was placed under severe pressure because of the alleged Saudi involvement in the piracy of sports broadcasting — which they deny but which was detailed in a World Trade Organisation report — and the state’s human rights record.

The row over the takeover centred on whether PIF is independent — as it claims — or an arm of the Saudi state. The Crown Prince, who is the de facto head of the country, is chairman but argues that it is a separate entity although his lobbying of the UK government has raised further questions. However he can argue that his actions are similar to Johnson intervening on behalf of a UK buyer wanting to acquire an overseas asset.

The Premier League wrote to Newcastle after PIF pulled out, saying it had provisionally determined the investment vehicle was under the control of the Saudi state and could not be separated from the Crown Prince.

They also argued that they had repeatedly asked the buyers to provide the necessary information for them to proceed. This is disputed — the buyers claim they answered every question asked of them — while Ashley will want to determine at the very least why it all took so long.

The buyers have continued to follow the situation closely and accept it is now a legal issue that firstly has to be resolved through the Premier League’s arbitration process. If it finds in favour of the Premier League it remains to be seen whether further court action will be pursued.

Should the Premier League lose the case then it would be a severe blow as to how it has conducted its business and, in particular, for chief executive Richard Masters. If Newcastle wins then Ashley, who is determined to complete the deal and has already been paid a deposit, will expect the takeover to go through.

Neither Newcastle nor the Premier League were commenting on the issue but Kate Allen, Director of Amnesty International UK, said: “The bid to buy Newcastle United was a blatant example of Saudi sports-washing, so it’s worrying that the prime minister would accede in any way to pressure from the Crown Prince over the deal.

“This whole tangled affair only underlines how there needs to be a proper overhaul of the Premier League’s Owners’ and Directors’ test to provide proper human rights scrutiny of who is trying to buy into the glamour and prestige of English football.”

 

 

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et tu brute

et tu brute

Posted
Posted
Just now, ToonArmy1892 said:

We need to know what the crack is with arbitration, when it will be done.

Don’t think you will as it would be media open season if dates were announced. After a couple of months of it all being pretty quiet, there’s been a frenzy of media articles this week. Things are ramping up again.

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nbthree3

nbthree3

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Posted

The actual hearing's private but the outcome will be made public I think. The appeal regarding the chairman, I don't think that was known until March 5th when the club statement and judgments were handed down. The hearings for that was mid-January and late-February. In the 6 weeks since, yeah there's probably progress

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Whitley mag

Whitley mag

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Posted
9 minutes ago, Dokko said:

I reckon it’s happened, happening or immediately about to start. All the articles and interest out of nowhere suggests wheels of some kind are turning.

Liam Kennedy on Wraiths podcast Monday night said he suspects it has started, without being able to confirm for definite. 

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Dr Jinx

Dr Jinx

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Yes it would seem that arbitration is about to start and that someone on the PL side has been talking to the media once again.

Hence the “leaks” comment by NDM.

The media have reverted to the negative campaign against Saudi almost in unison. I wonder if that’s because they are worried about losing the case?

It’s like throwing the gauntlet to the consortium.. “ok so you want to buy the club, be prepared for an endless press frenzy”

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Thumbheed

Thumbheed

Posted
Posted
4 minutes ago, Dr Jinx said:

Yes it would seem that arbitration is about to start and that someone on the PL side has been talking to the media once again.

Hence the “leaks” comment by NDM.

The media have reverted to the negative campaign against Saudi almost in unison. I wonder if that’s because they are worried about losing the case?

It’s like throwing the gauntlet to the consortium.. “ok so you want to buy the club, be prepared for an endless press frenzy”

Basically this.

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ToonArmy1892

ToonArmy1892

Posted
Posted
36 minutes ago, et tu brute said:

Don’t think you will as it would be media open season if dates were announced. After a couple of months of it all being pretty quiet, there’s been a frenzy of media articles this week. Things are ramping up again.

Aye i know, what i meant was i need to know for my mental well being [emoji38]

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Wilson

Wilson

Posted
Posted
22 minutes ago, Dr Jinx said:

Yes it would seem that arbitration is about to start and that someone on the PL side has been talking to the media once again.

Hence the “leaks” comment by NDM.

The media have reverted to the negative campaign against Saudi almost in unison. I wonder if that’s because they are worried about losing the case?

It’s like throwing the gauntlet to the consortium.. “ok so you want to buy the club, be prepared for an endless press frenzy”

If that's the case, we're in luck because I think... THINK...the Saudis are used to a bit of bad press.

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cubaricho

cubaricho

Posted
Posted
38 minutes ago, et tu brute said:
40 minutes ago, Dokko said:

I reckon it’s happened, happening or immediately about to start. All the articles and interest out of nowhere suggests wheels of some kind are turning.

Yeah I agree.

Agreed.

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Candi_Hills

Candi_Hills

Posted
Posted (edited)

If arbitration has already begun or is going to begin, isn't it rather coincidental that the Ronny Gill have stoked the fire just at the right time? Any chance Musgrove / The Chron's email revelations were a part of De Marco's coordinated attack?

 

 

Edited by Candi_Hills

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