So it's over - but it's not over.
Newcastle United's explosive Wednesday night statement confirmed that the Premier League has now officially rejected the Saudi-backed takeover bid that was bogged down for 17 weeks in a summer of frustration.
The PIF had withdrawn the deal in late July but effectively it was up to Newcastle to withdraw from the Owners and Directors Test, which had left the bid in limbo for a few weeks.
Now it appears that limbo is over and the gloves are off, with United accusing the Premier League of failing to act appropriately.
It's an extraordinary accusation which leaves the door open for legal action: either through the courts or by challenging the decision.
These two lines are key: "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."
Lawyers for all parties will now be watching with interest - and it feels like this long-running saga just took a new twist.
We'd heard for a few weeks that discussions were continuing between the consortium and the club. PIF, Amanda Staveley's PCP Capital Partners and the Reuben Brothers all remain "committed" to the deal and Ashley has made it clear that he is too. There has been quiet work going on: political manoeuvring and strategies discussed.
But it always required Ashley to make his move - which he has now, in fairly incendiary fashion.
The last few weeks have seen Henry Mauriss' bid disappear into the ether and Ashley knows this is the deal that nets him a profit and the club wealthy owners with deep pockets who want to renew the Magpies.
The Premier League fought back the other week when they spoke to the NUST, saying no commitments were even given and no-one ever said there were "no red flags".
But it's understood the consortium disputed that and felt assurances had been given to Newcastle. Perhaps any action may revolve around this point.
This certainly won't have discouraged the consortium, who say they have been "fighting" behind-the-scenes to keep this deal alive. We now know is Ashley on their side and that is some financial muscle trying to move the Premier League.
Either way a situation that has been bubbling away since the takeover was withdrawn is now firmly back on the agenda.
This could get very messy.
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