Newcastle United have confirmed the Premier League rejected a takeover bid from a consortium backed by Saudi Arabia's Public Investment Fund (PIF).

The consortium, which included the PIF, Amanda Staveley's PCP Capital Partners and the Reuben Brothers, had submitted a £300m deal, but it was rejected by the Premier League after a drawn out review process.

And the Magpies have issued a statement which states owner Mike Ashley was committed to the takeover, but blamed the Premier League for having not "acted appropriately in relation to this matter."

"Newcastle United can confirm that the Premier League has rejected a takeover bid made by PCP Capital Partners, the Reuben Brothers and PIF based on its Owners and Directors test," the statement read.

"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."