Newcastle United Football Club have confirmed that they have initiated 'arbitration proceedings' against the Premier League over a takeover dispute. A Saudi-led consortium backed out of a £300 million deal, earlier this year.
The club has accused the league for breaking the confidentialy clause, thereby leaking some key information regarding the failed takeover bid. They rejected the offer from the Premier League (EPL) of arbitration to determine who would own the club.
Newcastle owner Mike Ashley said that he would consult the lawyers regarding the dispute and his club revealed the legal case on Thursday in response to alleged "leaks" by the Premier League.
"The club understands that these will be matters of great concern to its fans and therefore considers that, in light of the information disclosed by the EPL, it has no choice but to respond and update its fans in response to this coverage," said a Newcastle release.
"The club makes no comment on the substance of the arbitration, but it can confirm that it has issued arbitration proceedings against the EPL.
"It is unclear when those proceedings will be resolved, given the approach of the EPL and its lawyers, Bird & Bird. Nevertheless, the club will continue to use its best efforts to press for a fair, full and timely hearing of its claim."
Ashley, who owns the club for 13 years now, has been attempting to sell it for a considerable time now.
Staveley was confident this time of striking a deal after a failed attempt last time. But, rifts with the Premier League didn't help their cause this time as well and quashed all their hopes of a signed deal.
