Owners’ test to be reviewed says Masters

THE Premier League is ‘reviewing’ its owners’ and directors’ test to ‘ensure it remains robust and fair to all interested stakeholders’ following the collapse of Newcastle United’s takeover.

The buyers - Saudi Arabia’s Public Investment Fund, Amanda Staveley and the Reuben Brothers withdrew their offer on July 30 because of ‘the prolonged process under the current circumstances coupled with global uncertainty.’

The Premier League broke its silence on the matter more than two weeks later when Richard Masters replied to a letter sent by Newcastle Central MP Chi Onwurah on behalf of her constituents.

The consortium had admitted PIF’s relationship with the state had proved an issue - the crown prince Mohammed bin Salman is chairman of the PIF as well as the country’s deputy prime minister.

PL chief executive Masters confirmed the buyers had been offered an ‘independent arbitral tribunal’ if they ‘wished to challenge the conclusion of the board’.

Masters noted the consortium did not take up that offer and did not ‘procure the provision of the additional information’ before withdrawing their offer - which meant a ‘suitability decision’ could not be made.

The owners’ and directors’ test had been going on for more than four months before the bid collapsed and Masters was asked by Ms Onwurah if it was ‘unacceptable to leave loyal fans in such doubt for so long’ and whether ‘the process needs to be improved.

He said: ‘The Premier League is reviewing its owners’ and directors’ test in the coming months to ensure it remains robust and fair to all interested stakeholders.”

Despite withdrawing their offer, the buyers and owner Mike Ashley remain committed to the deal.