So #NUFC say takeover rejected & are exploring legal action.

PL tell @martynziegler they did not formally reject bid & see parts of statement as defamatory.

Spoke to senior PIF source just now. Refused to say bid is "dead" but admits they've NOT retabled offer since withdrawing https://twitter.com/martynziegler/status/1304041143110434816

To get a formal rejection, consortium would have to write to PL, revoke withdrawal & ask them to resume O&D test. PIF say this did not happen. This suggests conversations over past few weeks were informal. 'Rejection' appears to have been used intentionally but loosely by #NUFC.

It is hard to see how the PL could issue a formal rejection, or conclude the process, unless PIF formally returned.
It is true, the consortium & Ashley have held talks to see whether the deal can be saved. But PIF only knew about #NUFC's statement moments before it was released.

Increasingly, this looks like Ashley attacking PL and placing blame squarely at their feet. That's a risky tactic unless he's on very solid legal ground.

PIF not against trying to save deal, but nothing has significantly changed since withdrawal. Perhaps that's why Ashley is attacking PL & O&D process. PIF want guarantees if they return they'll be approved. Only way #NUFC can help in that respect is by proving it wasn't fair test.

But if, as PL argue, consortium failed to answer pertinent questions, rejection arbitration and then pulled out, then effectively this is Ashley chucking his toys out the pram. Clearly he wanted the deal to happen, but he's still made 17m from all this.

If #NUFC's statement, however, does hold weight, they should have no problems clarifying and/or showing the rejection so as to further undermine PL's claims. If they now fall silent, having been so bullish 24h ago, I think that will be telling.