Dubai-based Bin Zayed Group insists it has completed 'every aspect required in takeover process'
Dubai-based Sheikh Khaled Bin Zayed Al Nahyan said Monday that his Bin Zayed Group is still "working diligently" in an effort to take over Premier League football club Newcastle United.
The company broke its silence since claiming it had agreed terms on a purported £350 million deal in late May by releasing a new statement.
The statement from Bin Zayed Group, released on social media via a Dubai journalist, said: "Both parties have worked diligently in finalising a deal, none more so than ourselves. We have completed every aspect required in a takeover process.
“Press claims of no bids or Premier League approval processes are simply untrue.
“The current owners have cooperated amicably throughout this process and if a deal is not forthcoming it will not be due to lack of effort from both parties.”
In May, Sheikh Khaled said he had provided proof of funds to Newcastle United owner Mike Ashley but added that the deal "will take time".
In an earlier statement, Sheikh Khaled, a relative of Manchester City owner Sheikh Mansour, said he considered it "an honour to have the opportunity to build on the strong support, history and tradition of the club".
Ashley, the founder of the Sports Direct retail chain, bought the club for £134.4 million in 2007 but has faced a string of protests from supporters disgruntled at what they see as a lack of investment in players.
He has put Newcastle up for sale three times but every bid has failed to produce a deal.For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.