Newcastle United owners praised for ‘appropriate’ response amid Manchester United claims

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There have been reports of a possible deal with Manchester United prior to the completion of their takeover on Tyneside.

Newcastle United’s owners have been praised for the approach they have taken over their protracted takeover at St James Park.

The PIF-led consortium spent over two and half years waiting to conclude a £305m deal to bring an end to Mike Ashley’s turbulent ownership of the Magpies.

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With numerous issues putting a block on the deal, it seemed all hope had been lost when a joint-statement from the PIF, PCP Capital Partners and RB Sports & Media Limited confirmed they had withdrawn their interest during the summer of 2020.

The statement read: “With a deep appreciation for the Newcastle community and the significance of its football club, we have come to the decision to withdraw our interest in acquiring Newcastle United Football Club.

“We do so with regret, as we were excited and fully committed to invest in the great city of Newcastle and believe we could have returned the club to the position of its history, tradition and fans’ merit.

“Ultimately, during the unforeseeably prolonged process, the commercial agreement between the Investment Group and the club’s owners expired and our investment thesis could not be sustained, particularly with no clarity as to the circumstances under which the next season will start and the new norms that will arise for matches, training and other activities.”

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Recent reports suggested the Saudi-led consortium were handed an opportunity to buy a 30 percent stake in Premier League rivals Manchester United before the deal to take overall control of Newcastle was surprisingly resurrected in October last year.

The Magpies have undergone a spectacular transformation over the last 12 months, with investment on and off the pitch rejuvenating and reinvigorating life on Tyneside.

Football finance expert Kieran Maguire believes the decision to opt against investing at Old Trafford and press on with their takeover of Newcastle was a wise move by the Magpies owners.

He told Football Insider: “If the 30 per cent opportunity is correct, you can understand why their approach was to go for Newcastle. It looks as though it wouldn’t have been fresh capital. It would have been a case of giving money to the Glazers if it was Man United, as has been suggested.

“Secondly, what exactly are you getting in return for that investment? They wouldn’t have had a seat at the table.  I, therefore, think the approach taken by PIF has been the appropriate one.”

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