Craig Hope has been on the latest edition of the True Faith podcast, talking about the failed takeover of Newcastle United.
Recorded before Newcastle United released a statement confirming that the Premier League had rejected the proposed takeover by PCP Capital Partners, Reuben Brothers and PIF, Hope discussed why PIF initially withdrew at the end of July.
Hope believes that even if the Premier League did approve the takeover, the consortium’s reasons for releasing a statement on 30th July as they pulled out of the deal would still be valid.
He said: “If you read the statement which dropped on the day the takeover collapsed, that statement read – and conversations I had on the day – as if this was just no longer financially viable because of [the pandemic].
“So, even if, 24 hours later, the Premier League had turned around and said: ‘hold on a minute, guys, all a misunderstanding, you have passed the Owners’ and Directors’ Test, let’s go,’ but if you went back and referenced that statement, there was no takeover to be done. They pulled out because they no longer thought it was a viable proposition in light of the global pandemic.”
TIF Thoughts…
The consortium looking to buy Newcastle did officially withdraw its offer to buy the Toon, citing financial reasons and the time the process was taking.
However, following the takeover’s collapse, it was claimed by Amanda Staveley’s husband, Mehrdad Ghodoussi, that all three buying parties were willing to do a deal, so that arguably contradicts Hope’s claim.
Even once the takeover was withdrawn, there was talk that the consortium was having discussions to try and save it, so that doesn’t imply that the consortium were done once that statement was released, either.
Hope, though, seems to think that the deal was dead from 30th July, and that it remains dead despite Mike Ashley considering legal action.
It will be intriguing to see if Hope is right or not.