Spurs in £3.5billion Saudi sale claims as Newcastle United takeover saga rumbles on
A Newcastle United fan embroled in a legal dispute with the Premier League over the failed takeover of the club has claimed Tottenham Hotspur tried to get Saudi investment – before blocking the Magpies’ bid.
Newcastle Consortium Supporters Ltd’s Keith Patterson has spoken about the reasons why he believes the Newcastle United takeover by Saudi Arabia’s Public Investment Fund (PIF), Amanda Staveley and Rueben Brothers has stalled.
The lifelong Magpies fan – who along with Gordon Stein is taking the Premier League to court for what NCSL see as potential breaches of anti-competition law – has pointed the finger not only at the league, but also top flight rivals such as Liverpool, Manchester City and Tottenham Hotspur.
One of the claims made over the failed takeover is that the Premier League’s Big Six – Manchester United, Liverpool, Manchester City, Arsenal, Tottenham and Chelsea – played a role in a potential deal stalling.
And one of the revelations is that Spurs objected to the takeover despite having tried to get the Saudi royal family to buy them in a £.5billion deal themselves last year.
“Why would Tottenham not want it to happen? I could not understand that,” said Patterson.
“But we have seen information that explains why there is the obsession with Project Big Picture and why there is such a determination to stop PIF investing in Newcastle United.
“Tottenham Hotspur, in a negotiation which broke down in March 2019, approached investors in the region we are talking about – two months before the Newcastle deal was ironed out – to buy the football club for £2.5billion, with a further £1billion in add ons.
“The deal was taken to the investors in Saudi Arabia, by a dealmaker named as Eldridge Investments, and rejected.
“The whole deal totals £3.5billion – Newcastle was set to be sold for one tenth of that price. I have had that exact same information from three different credible sources.
“That concerns me. People are trying to prevent our deal going through, but were trying to so a similar deal themselves for ten times the amount. But I feel on this alone that fans of both Spurs and Newcastle need to learn this so that they understand what is happening within their club.
“At the very least it adds to the intrigue.
“In August, I wrote that Liverpool and Tottenham were opposed to the deal in my letter to (Premier League chief executive) Richard Masters. Then in November I get this information. Something is really not right with the whole thing.
“If one or more company tries to stop another entering the market this is anti-competitive.
“Spurs came so close to pulling off a deal but then stood in the way of another? We will find out more with disclosure.”
Newcastle United owner Mike Ashley has instructed leading lawyers in an ongoing battle with the Premier League after they claimed the sale of the club to the Saudi-led consortium was unfairly blocked and that the Premier League's owners and directors test was not properly applied to the proposed buyers.
The takeover failed when the consortium publicly withdrew their offer in July.