Newcastle Drops £340M Sale Suit Against Premier League

By Joyce Hanson (October 13, 2021, 12:44 AM BST) -- Newcastle United's former owner has dropped his lawsuit over the Premier League's blocking of a planned £340 million ($457 million) sale of the English football club to Saudi Arabia's sovereign wealth fund, following the league's approval of the takeover upon assurances the Saudi state won't control the club.

Billionaire football club owner Mike Ashley, whose firm St James Holdings Ltd. had lodged an antitrust claim before the Competition Appeal Tribunal in April, asked the tribunal in a letter Friday for permission to withdraw its case. With the consent of the Premier League, the tribunal that same day ordered the entirety of...

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