Newcastle would be starting the whole takeover process from ‘square one’ if they were relegated to the Championship.
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.
The £300million deal agreed between Mike Ashley and the consortium backed by Saudi Arabia unravelled last summer amid concerns about the country’s human rights record and accusations of TV piracy.
‘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?
Ashley is said to be pushing on in his efforts to sell the club, which makes it all the more baffling that he has not sought to protect his investment through a change of management.
The Walsall-born businessman stood by Steve Bruce even in the wake of the dreadful 3-0 defeat to relegation rivals Brighton last weekend.