NEWCASTLE UNITED’S anti-competition claim against the Premier League will receive its first hearing next week – but the Italian media are reporting that Saudi Arabia’s Public Investment Fund (PIF) is ready to call time on its attempts to buy the Magpies and instead focus on taking over at Inter Milan.

The Newcastle hierarchy are pursuing a claim against the Premier League under section 47a of the Competition act, accusing the governing body of breaching competition regulations when they conducted their owners and directors’ test into the proposed takeover of the Magpies in the first half of 2020.

The Premier League insist they adhered to all the relevant legislation and never formally rejected Amanda Staveley’s Saudi Arabia-backed takeover plan, but Newcastle owner Mike Ashley disputes that view.

In a statement issued last year, the Magpies board said: “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 ben 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 first stage of Newcastle’s anti-competition claim will take place on September 29, with a tribunal panel comprised of the Honourable Mr Justice Snowden, Michael Cutting and Tim Frazer due to hear evidence from the Premier League before determining whether Newcastle’s case can proceed.

If they give the green light to proceedings, a timetable will be drawn up for a full hearing in front of the Competition Appeal Tribunal.

The timing of the proceedings could be significant as a number of reports were published in the Italian media over the weekend suggesting the PIF is ready to step up its attempts to purchase Inter Milan, having grown disillusioned with the time it has taken to get a definitive answer over its pursuit of Newcastle.

There is no reason why the Saudi investment arm could not attempt to secure a stake in both clubs, but the Italian reports have suggested the PIF’s preferred course of action is to complete one flagship deal which will secure them a prominent position in the European football market. If that is the case, a positive outcome to talks involving Inter Milan could have a negative impact on Ashley’s attempts to revive last year’s deal to sell Newcastle.

Inter’s owners, the China-based Suning group, are looking to sell at least half of their shares in the club, having experienced significant financial difficulties since completing their own purchase of a controlling interest in the club from Indonesian businessman Erick Thohir in 2016.

Inter are reportedly losing around €12m a month, and even though they raised around €130m in transfer fees in the summer, primarily through the sale of Romelu Lukaku and Achraf Hakimi, Suning are looking to significantly reduce their shareholding.

The Saudi PIF has been linked with a potential takeover on a number of occasions in the last 12 months, and it appears as though they have strengthened their interest in the last few weeks.