Speaking recently on the NUFC Matters YouTube show, Steve Wraith discussed Newcastle United’s failed takeover bid and suggested that the consortium behind the takeover have ‘played a blinder’ by pulling out of the deal.
It was reported as far back as April that a consortium consisting of Saudi Arabia’s sovereign wealth fund PIF, PCP Capital Partners and the Reuben Brothers had launched a £300 million bid to take over Newcastle United.
However, after the bid was submitted to the Premier League for approval, there was little to no movement with the deal for over three months, eventually resulting in the consortium withdrawing their offer for the club, blaming the Premier League for the ‘unforeseeably prolonged process’ of the deal.
However, Wraith claimed that the potential buyers pulling out of the deal was actually a move to put pressure on the Premier League.
He said: “I personally feel that the consortium have played a blinder here. I feel that they’ve walked away from the table, and now, as we’ve seen, the pressure is completely on the Premier League and Richard Masters. I think ultimately, that is what they wanted.
“They wanted the supporters to come out and push and push and push. The petition was one thing, I thought that was a superb effort. I think on the other side of things, the letters to MPs, which of course, the supporters’ trust encouraged, was superb. So, from our perspective, it’s worked great.”
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As such, it would appear that Wraith is of the opinion that the deal being withdrawn by the buying party is actually a positive step in their takeover of the club, and was simply a move to put pressure on the Premier League.
However, with both the league and the league’s CEO, Richard Masters still not having made any comment on the takeover deal, it would appear that there has not been enough pressure yet to make the Premier League give a statement on the matter.