The PCP Capital Partners takeover of Newcastle United is reportedly ‘hanging by a thread’.
That’s according to Newcastle World, who claim that relations between the buyer and seller are now strained after the latest delay.
It felt like there would be a conclusion this summer, more than a year since a deal was agreed.
In April 2020, Amanda Staveley and co agreed a deal to buy Newcastle United. However, they did not pass the Premier League’s Owners’ and Directors’ test. They didn’t fail it either. Instead, the Premier League were unable to give a definitive answer.
Since then, the takeover saga has gone down a legal route.
Mike Ashley launched two legal battles against the Premier League – arbitration and an anti-competition case.
Arbitration was set to take place this summer, and would determine whether or not the Saudi state is separate to the Public Investment Fund.
PIF were set to own 80% of the club, which was unfortunately why the deal stalled.
Arbitration was meant to happen in July, but it has since been delayed until early 2022.
According to Newcastle World, this came as a shock to the consortium. Just like the fans, they found out about the delay via this statement.
It feels like this deal is destined to fail. There have been so many hurdles that it seems inevitable that it won’t go ahead.
That is devastating for fans, who are desperate for Ashley to leave.
It will also be a blow for Staveley, who has tried to buy the club on multiple ocassions.
But the deal isn’t completely dead yet. Arbitration is scheduled for next year, and could give PCP a route back to the table. But the question remains: will they wait long enough to find out?
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