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Amanda Staveley makes public Premier League have prevented £550m investment in Newcastle United

4 months ago
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Amanda Staveley has gone on the offensive after a statement revealed the Newcastle United takeover has collapsed.

Thursday afternoon had seen a joint statement (see below) released by the Saudi PIF, PCP Capital Partners and Reuben Brothers.

In terms of blaming those who had prevented the takeover, the statement was very mild, only referring to ‘the unforeseeably prolonged process’ having prevented the deal progressing in a timely fashion.

However, separate to the joint statement, Amanda Staveley has put out some strong messages in the media, speaking to The Times and Talksport amongst others.

Amanda Staveley telling The Times: ‘Of course we do [blame the Premier League]. They had a chance, they say we have not answered all the questions and we have done so. The other clubs in the Premier League did not want it to happen.’

The PCP Partners director revealed to Talksport that the overall planned initial investment in Newcastle United was actually £550m, £300m to buy Mike Ashley out and then £250m more to go into ‘the club, the academy and the community.’

Amanda Staveley did give some hope to Newcastle fans though, telling both media outlets that there may still be a way forward and they may be back to buy the club.

As Newcastle United supporters we live in hope, if not expectation.

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Amanda Staveley speaking to The Times:

“We are heartbroken obviously.

“Of course we do [blame the Premier League].

“They had a chance, they say we have not answered all the questions and we have done so.

“The other clubs in the Premier League did not want it to happen.

“We are so heartbroken for the Newcastle fans, as the investment that was going to go into the club, especially with everything happening with Brexit and Covid-19, would have been so important.

“This is catastrophic for them.

“It has been going on for so long and the opportunity was there.

“The piracy issue was not an issue but we tried to resolve it anyway.

“They [the Premier League] tried to make the state of Saudi a director.

“The PIF had agreed to become a director.

“Do we give up now?

“I don’t know, there may be a way forward, but we have had to put a statement out.

“I am trying to deal with the facts and we had to make a decision today.”

Meanwhile Talksport’s Jim White related a conversation he had with Amanda Staveley after Thursday’s statement:

“I have just got off the phone with a tearful Amanda Staveley who said to me: ‘I am absolutely heartbroken for the supporters of Newcastle, for club, and the community.’

“All the emotion of waiting and waiting, and the work she’s done on this bid over the last two years, came out to me in that phone call.

“The bid was real, it’s been there all the time, Ashley agreed to it, and they told me today they were going to allocate £250million more for the club, the academy and the community, but now it’s all gone.

“Having said that, and I don’t know how genuine this is, but as Amanda Staveley said ‘goodbye’ to me, she added: ‘Get it out there, though, we will not give up. We will not give up’.

“So maybe they will be back, but it all depends on the Saudis because 80 per cent of the £300m cash bid was theirs, with ten per cent from Staveley’s PCP and the other ten per cent coming from the Reuben brothers.

“Everybody will have their take on this, but all I can tell you is this; if you’d heard the tone of Amanda Staveley’s voice moments ago you would realise how absolutely shattered she is.

“As she said, she has been working on this with the Saudis and the Reuben brothers for two years, two years they’ve been working flat-out on it and now it’s come to this, that they have withdrawn.

“What Newcastle would have got out of it, what the club would have got out of it, what the fans would have got out of it in terms of what was about to happen to their club was something else, but now for the time being at least we’ll never know.

“But I emphasis ‘for the time being’, because as Amanda says, they will not give up and they might be back.”

The joint statement released by PIF, PCP Capital Partners and Reuben Brothers on Thursday 30 July 2020:

With a deep appreciation for the Newcastle community and the significance of its football club, we have come to the decision to withdraw our interest in acquiring Newcastle United Football Club.

We do so with regret, as we were excited and fully committed to invest in the great city of Newcastle and believe we could have returned the Club to the position of its history, tradition and fans’ merit.

Unfortunately, the prolonged process under the current circumstances coupled with global uncertainty has rendered the potential investment no longer commercially viable.

To that end, we feel a responsibility to the fans to explain the lack of alternatives from an investment perspective.

As an autonomous and purely commercial investor, our focus was on building long-term value for the Club, its fans and the community as we remained committed to collaboration, practicality and proactivity through a difficult period of global uncertainty and significant challenges for the fans and the Club.

Ultimately, during the unforeseeably prolonged process, the commercial agreement between the Investment Group and the Club’s owners expired and our investment thesis could not be sustained, particularly with no clarity as to the circumstances under which the next season will start and the new norms that will arise for matches, training and other activities.

As often occurs with proposed investments in uncertain periods, time itself became an enemy of the transaction, particularly during this difficult phase marked by the many real challenges facing us all from Covid-19.

We feel great compassion for the Newcastle United fans with whom we shared a great commitment to help Newcastle United harness its tremendous potential and build upon its impressive and historic legacy while working closely with the local community.

We would like to say that we truly appreciated your incredible expressions of support and your patience throughout this process. We are sorry it is not to be.

We wish the team and everyone associated with it much good luck and success.’

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