Saudi Arabia’s Public Investment Fund, the backers behind the attempted takeover of Newcastle United, has pulled out of a £300-million deal to buy the club from unpopular owner Mike Ashley, citing the Premier League’s “prolonged” review of the bid and general uncertainty around global markets.
“With a deep appreciation for the Newcastle community and the significance of its football club, we have come to the decision to withdraw our interest in acquiring Newcastle United football club,” the consortium, which also included British businesswoman Amanda Staveley, said in a statement obtained by The Guardian’s Louise Taylor.
“We do so with regret, as we were excited and fully committed to invest in the great city of Newcastle and believe we could have returned the club to the position of its history, tradition, and fans’ merit.
“Ultimately, during the unforeseeably prolonged process, the commercial agreement between the investment group and the club’s owners expired and our investment thesis could not be sustained, particularly with no clarity as to the circumstances under which the next season will start and the new norms that will arise for matches, training and other activities.”
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