On July 30th 2020, PCP Capital Partners’ takeover of Newcastle United collapsed.
17 weeks after agreeing a deal with Mike Ashley, the consortium were forced to walk away.
According to BBC Sport, they withdrew their bid because the Public Investment Fund ran out of patience.
PIF were set to own 80% of the club, with the remaining 20% to be split between Amanda Staveley and the Reuben brothers.
But with PIF losing patience, the deal was off. But why did things take so long?
After agreeing a £300million deal with Ashley in April, all the buyers had to do was make it through the Premier League’s Owners’ and Directors’ test.
That didn’t happen. They didn’t fail it, but they didn’t pass it either. Instead, the Premier League sat on their hands and refused to make a decision. They sat by and left Newcastle fans in limbo.
The issue was piracy and separation. The Premier League needed evidence proving that PIF were separate to the Saudi state.
While Staveley claimed they proved that the Saudi government would have no involvement in the running of the club, the Premier League failed to make a decision.
One year later, the Newcastle takeover saga still isn’t over
While the consortium withdrew on July 30th 2020, things were far from over. They still aren’t over, much to the fury of Toon fans.
There has been calls for government intervention. There’s been protests in London. There was and still is outrage on social media.
There’s been angry club statements. There’s been interviews with Amanda Staveley.
The Newcastle United takeover saga is now in the hands of the courts. But not any time soon.
Arbitration was set to take place in July but has been pushed back until early 2020. Meanwhile, we still don’t know if the anti-competition case will go ahead.
The muddy waters of the Newcastle takeover saga have gotten murkier and murkier with each passing month. It is so far removed from the football club and its fans.
One year ago, Toon fans were heartbroken when PCP withdrew their bid.
On July 30th 2021, no one knows what will happen. But the club remains in limbo, with an absent owner who believed he won the lottery but didn’t get his payout.
Sadly, as always, it’s the Newcastle fans who really suffer.