Saudi Arabia’s Public Investment Fund call off Newcastle United takeover. The end of the takeover bid leaves the club still in the hands of Mike Ashley.
Saudi Arabia’s Public Investment Fund, PCP Capital Partners and Reuben Brothers have withdrawn from the process to buy Newcastle, Sky Sports News can exclusively reveal.
Papers regarding the proposed takeover were lodged with the Premier League in April and were still being scrutinised.
Saudi Arabia’s public investment fund (PIF) had been set to take an 80 per cent stake in the Premier League club under the terms of the deal, which worth just over £300m.
But the Investment Group have now decided to end their interest. They cite the worldwide uncertainty due to coronavirus pandemic and the ‘prolonged process’.
The end of the takeover bid leaves the North East club still in the hands of businessman Mike Ashley, who has long faced protests and opposition from the fans.
A statement read: “We have come to the decision to withdraw our interest in acquiring Newcastle United Football Club.”
“We do so with regret. We were excited and fully committed to invest in the great city of Newcastle. And we believe we could have returned the club to the position of its history, tradition and fans’ merit.”
“Unfortunately, the prolonged process under the current circumstances coupled with global uncertainty has rendered the potential investment no longer commercially viable.”
“To that end, we feel a responsibility to the fans to explain the lack of alternatives from an investment perspective.”
Credit: Sky Sports