Saudi Arabia's Public Investment Fund Pulls Out of Newcastle Takeover

Saudi Arabia's Public Investment Fund, PCP Capital Partners and the Reuben Brothers have withdrawn their interest in taking over Newcastle Football Club.

Rumours of a potential £300m Saudi takeover of the Magpies first surfaced several months ago , although as has often been the case with the club, negotiations have moved at a frustratingly slow pace.

Now, it appears that the takeover has collapsed altogether with Sky Sports News among the outlets reporting that the three interested parties have pulled out.

A statement read: "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.

"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."

More to follow...

Source : 90min