Newcastle United: English football authorities reject PIF bid

DUBAI: Newcastle United, the English football club sought by Saudi Arabia and other bidders in a £300 million ($390.6 million) takeover, said the football authorities had rejected the proposed bid. The club hinted at legal action to force the deal through.

“Newcastle United can confirm that the Premier League (PL) has rejected a takeover bid made by PCP Capital Partners, the Reuben Brothers and the Public Investment Fund of Saudi Arabia (PIF) based on its owners and directors test,” said a statement on the club’s website.