Last Thursday, after a lot of bids, Saudi Arabia has failed to buy the Newcastle F.C. The deal has been initiated from 25th January this year. Due to lockdowns, the process has slowed down a bit, but from April, the talks have started again for the buy.
In the deal, Saudi Arabia’s Public Investment Fund and PCP Capital Partners have agreed to fund almost 300 Million Euros to buy Newcastle. Suddenly a new bidder Henry Maurice, the CEO of the U.S. TV company offered 350 Million Euros. After a lot of talks, Saudi Arabia has withdrawn the proposal for this buy.
Why the Prime Minister had to take a stand:
Now Prime Minister Boris Johnson backed up the calls for the Premier League to make a statement for the failed takeover of Newcastle F.C. by the Saudi companies and funds since the Premier League officials have refused to comment on this matter any further.
What’s the fuss?
The issue has been raised due to the Newcastle United Supporters’ trust. Almost over 6,000 trust members have written to local M.P. for the transparency from the Premier League regarding the deal. The football association has also advised the Premier League to issue a statement and investigate the complaints of these trusts. There were almost 100,000 people who signed a petition, and the Prime Minister has to take a call regarding the English Premier League takeover deal. They want him and the UK Government to go for private investigation for the failure of the takeover and get to the root cause of why it happened.
In an email, the Prime minister mentioned that there should be clarity on why there is a delay in the decision-making process. He commented that definitely the fans of Newcastle have been disappointed and the bid should have gone ahead by now. He has seen the email from the fans of Newcastle club that they requested the independent Football Ombudsman to advise the Premier League to make a statement over the current situation. Even the Independent Football Ombudsman did not do well with the current situation. Now it’s time to see what Premier League would respond to this.
To conclude, there is something fishy in this transaction and the truth will prevail soon. Until then stay safe, stay connected, and follow us for more interesting news like this.