Mark Douglas has been speaking on the latest episode of the Everything is Black & White Podcast, discussing the failed takeover of Newcastle United by Amanda Staveley’s Saudi-backed consortium.
One of the points that came up while discussing this was PIF’s role and what they intend to do next.
It seems that Douglas believes that though PIF and the consortium might not want to give up on the takeover of Newcastle, they might have to if no compromise can be reached.
He said: “The problem is PIF are the main backers, they’re 80% of the finance.
“Both of us [Andrew Musgrove] have had the privilege of talking to them in the last couple of weeks to get a bit more of an idea of where they stand, but I don’t think they’re going to put anything public out and I don’t think the people behind the deal are going to put anything public out because I don’t think they want to give up on it.
“They might not want to give up on it, they might have to give up on it. Because if nothing can be done, they have to walk away from it.”
Do you think PIF will return?
No, they won't negotiate
Yes, they will find a resolution
TIF Thoughts…
There have been reports that the Staveley deal is not dead yet and that there is even confidence that a compromise can be reached.
However, the Premier League offered the consortium the chance to prove that PIF and the Saudi state were separate with an independent arbitration.
Still, PIF refused, and the whole bid was withdrawn.
The consortium claim that arbitration happens on appeal and they could not be appealing because the Premier League had not rejected their offer, but it would have allowed a third party to make a judgement, which seems like a fair enough offer from the league.
So, though there is talk of a compromise, you would think that they would have to agree to the Premier League’s offer or there might not be any way forward for this deal, and that could be when they have to walk away as Douglas suggested.