Mike Ashley rejected 'higher offer' for Newcastle in favour of Saudi-backed bid

Former owner believes PIF-led consortium 'would deliver the best' for the Premier League club

Newcastle United supporters wait for news of the sale of the club to the Saudi sovereign wealth fund. AP

Mehrdad Ghodoussi, right, and Jamie Reuben at Jesmond Dene House, Newcastle, following the announcement that the Saudi-led takeover of Newcastle has been approved. PA

Newcastle United has been taken over by Saudi sovereign wealth fund for £300 million ($408m). AP

Businessman and husband of Amanda Staveley, Mehrdad Ghodoussi after Newcastle announced takeover by the Saudi-led consortium on Thursday. Reuters

Former Newcastle United owner Mike Ashley. PA

Financier Amanda Staveley arrives at Jesmond Dene House, Newcastle, following the announcement that the Saudi-led takeover of Newcastle has been approved. PA

The Bobby Robson Statue outside Newcastle United's St James' Park stadium. PA

File photo dated 01-11-2020 of General view of St James' Park, Newcastle. The Premier League has been urged to consider Saudi Arabia’s human rights record after the settling of a commercial dispute appeared to clear the way for a Saudi-led takeover of Newcastle. Issue date: Thursday October 7, 2021.

Premier League has approved the takeover of Newcastle United. PA

Former Newcastle United owner Mike Ashley has said he rejected a higher bid than the one he accepted because the offer from the Saudi Arabia-led consortium would "deliver the best" for the Premier League club.

A group comprising Saudi Arabia's Public Investment Fund, PCP Capital Partners and RB Sports & Media completed the takeover of Newcastle on Thursday, ending years of uncertainty to the delight of fans.

Ashley had long ceased to be a fan favourite over what most saw as a lack of investment. The club were relegated twice during his 14 years in charge before immediately bouncing back.

"I would like it to be known that I received a higher offer for the club than the one that I accepted. It was from another reputable bidder who made a credible case," Ashley told the Sun newspaper.

"But I felt the bid that we accepted from the current new owners would deliver the best for Newcastle United. Money wasn't my only consideration. There were times when I stepped in financially to keep Newcastle United afloat.

"We ensured the wage bills were paid when we went down in order that we could bounce straight back up. Nobody was happier than me when we achieved immediate promotion."

Ashley said he was not in the same "financial league" as the consortium, and selling had been the best option.

"It's hard to compete at the highest level in football with certain clubs that have almost unlimited resources," he said. "I've known for some time now that many Newcastle fans were frustrated by the situation and were in favour of a change.

"I therefore felt that I owed it to the fans to fight tooth and nail over the last 18 months or so to make this happen."