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The Saudi Arabian-backed consortium pulled out of the deal to buy Newcastle on Thursday following a prolonged process.
The mega deal was still being scrutinised under the Premier League's owners' and directors' test with Saudi Arabia's Public Investment Fund running out of patience and withdrawing their offer.
And it is claimed English champions Liverpool and Spurs were among the sides who were against the takeover.
The North East outfit were on the verge of becoming the richest club in world football before the takeover collapse.
British businesswomen Amanda Staveley, who was at the forefront of the bid, says the team are "heartbroken" over the decision.
"We are heartbroken obviously," she told The Times.
When asked if she blamed the league for taking too long, she replied: "Of course we do. They had a chance, they say we have not answered all the questions and we have done so.
"But the other clubs in the Premier League didn't want it to happen.
"We are so heartbroken for the Newcastle fans as the investment that was going to go into the club, especially with everything happening with Brexit and Covid, would have been so important. This is catastrophic for them.
"It has been going on for so long and the opportunity was there."
Paperworks regarding the proposed takeover were filed with the league in April and were still being reviewed.
The deal was worth a believed £300 million with the club being linked with superstar talents.
But the Investment Group have decided to end their interest.
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