The bid by a Saudi-led consortium to buy Newcastle United has been officially rejected by the Premier League, according to a club statement.
"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", the statement says.
The club accuses the Premier League of rejecting the deal despite "overwhelming evidence and legal opinions that PIF is independent and autonomous of the Saudi Arabian government."
The club says the league's decision was based on the owner's and director's test.
The Premier League declined to comment.
The statement comes more than a month after Amanda Staveley's PCP Capital Partners, backed by Saudi Arabia's Public Investment Fund, withdrew their £340 million bid.
According to the PA news agency, Newcastle owner Mike Ashley had been trying to revive PCP's interest in the deal.
The retail tycoon flew into the club's Benton headquarters on Wednesday for the unveiling of the club's latest signings Callum Wilson, Ryan Fraser and Jamal Lewis.
"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", the statement reads.
"Mike continues to be fully supportive to Steve Bruce, the players and all the staff and wishes them well for the upcoming season."