That’s according to journalist Lee Ryder, who was answering supporters’ questions in a YouTube Q&A on Saturday.
Ryder said there was still no date for the arbitration process, which will see a panel adjudicate on the reasons for the failure of the takeover.
‘It would be the EFL chiefs who would decide on Newcastle takeover’
Newcastle’s potential demotion could change the picture.
The Magpies are only two points above the bottom three and will face five of the league’s top-seven in a daunting run to the end of the season.
“If Newcastle are relegated, this goes to the EFL,” Ryder explained.
“They have their own owners and directors test, so effectively they would be starting the whole process from square one again.
“It would be EFL chiefs who would decide whether the takeover goes through.
“Their test, from what I’m led to believe, is very similar to the Premier League one.
“So whether we get a different outcome, we don’t know, we’ll have to wait and see, but [there’s] more uncertainty on the takeover front.”
Could onus be back on Mike Ashley?
Even if the EFL were to come to a different judgement – which appears somewhat unlikely if they use much of the same criteria – it would not necessarily clear the way for the takeover.
The previously-agreed £300million figure is sure to drop for a Championship outfit, but how far apart would Ashley and the prospective owners be in their revised valuations?