In a letter to Labour MP Chi Onwurah, whose constituency includes St James' Park, the PL chief executive makes clear it is up to the Amanda Staveley-fronted consortium to make the next move if they want the £300m takeover to be given the green light.
For over four months, Masters has been considering the bid without making public comment.
But with pressure growing following a petition with over 100,000 names on it and having been contacted by over 50 cross-party MPs, he's now shed some light on the Premier League position.
He insists it was the Saudis themselves who made the decision to withdraw their bid rather than the PL block it.
It has emerged the league wanted an independent tribunal to arbitrate on who would actually be running Newcastle with decision-makers unclear how the Public Investment Fund differentiates from the kingdom itself with Mohammed bin Salman the chairman and de-facto ruler.
In the letter to Ms Onwurah, Masters writes: “The Premier League board made a clear determination as to which entities it believed would have control over the club following the proposed acquisition.
“Subsequently, the PL asked each such person or entity to provide additional information , which would then be used to consider the assessment of any possible disqualifying events.
“In this matter, the consortium disagreed with the Premier League's determination that one entity would fall within the criteria .
“The PL recognised this dispute and offered the consortium the ability to have the matter determined by an independent arbitral tribunal if it wished to challenge the conclusions of the board.
“The consortium chose not to take up that offer . Later, it (of the PIF specifically) voluntarily withdrew from the process.”
Masters rejected accusations by Staveley that rival clubs, put pressure on the league to block the takeover, adding they had “no role whatsoever in the approval process.”