The Athletic’s Chris Waugh has delivered a promising update on Newcastle United’s potential takeover following the recent hearing.
What’s the story?
The journalist shed some light on some of the news coming out from the Competition Appeal Tribunal hearing, including the fact that a takeover could be approved by the top-flight based one one major condition.
He said: “The potential takeover of Newcastle United by a Saudi Arabian-backed consortium could be sanctioned by the Premier League if it is decided at arbitration that the Kingdom of Saudi Arabia (KSA) will not be a director of the club.
“Primary amongst them is whether the government of KSA itself, or representatives of the Saudi state, must undergo the Premier League’s Owners’ and Directors’ Test (OADT). This is the point which initially led to the takeover being stalled, before the consortium’s official withdrawal in July 2020. Mr Lewis QC claimed that the Saudis’ reluctance to undertake the test was the “single impediment” to completion of the takeover by the consortium, which also includes 10 per cent stakes for Amanda Staveley’s PCP Capital Partners and the billionaire Reuben Brothers.
“If the arbitration decides that KSA is not a director,” he said, “then the transaction can and will go ahead, with no question of the OADT being applied to the KSA.”
Bit of hope for fans
Make no mistake about it, the sooner this gets resolved one way or another, the better for the future of Newcastle.
The Magpies have been in a state of uncertainty for far too long now, and the lack of genuine communication from the Premier League and Richard Masters, and open dialogue has caused some serious mistrust issues.
But, this latest update from Waugh following the hearing does give Newcastle fans a bit of hope that a positive conclusion whereby the takeover goes ahead could come to fruition sometime in the near future.
If it’s established that KSA will not become a director of the club upon the change in ownership, then it seems it could be relatively smooth sailing so to speak, and usher in a new, and much-needed era at St James’ Park.
Magpies fans will surely be buzzing with this latest news.