Newcastle have released a strongly worded statement condemning the Premier League's decision to reject 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.
The Magpies have been linked with a takeover bid for most of the calendar year, but all their efforts for new ownership fell through when the Saudi Arabian-backed consortium rejected the Premier League's offer of arbitration to determine who would own the club.
Hoping to have their latest bid accepted by the Premier League - a deal worth £300m that would end Mike Ashley's 13-year tenure owning the club - a new deal proposed, but despite claims that Newcastle have provided the necessary evidence to allow the takeover to go ahead, they've been pushed back once more.
A statement on the club's official website read: "Newcastle United can confirm that the Premier League 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.
"This conclusion has been reached despite the club providing the Premier League with overwhelming evidence and legal opinions that PIF is independent and autonomous of the Saudi Arabian government.
"The club and its owners do not accept that Premier League chief executive Richard Masters and the Premier League have acted appropriately in relation to this matter and will be considering all relevant options available to them.
"Mike Ashley understands fans’ frustrations and would like to reassure them that he has been fully committed to ensuring this takeover process reached completion as he felt it was in the best interests of the club. Mike continues to be fully supportive to Steve Bruce, the players and all the staff and wishes them well for the upcoming season."