Saudi Arabia Consortium Pull Out Of Bid To Buy Newcastle United
Newcastle United's proposed takeover won't be happening after the Saudi Arabia consortium pulled out.
Magpies fans were excited about the possibility of new investors coming in and taking over from long-time owner Mike Ashley.
And after a long period of time went by, 17 weeks in fact, it's now been confirmed that Saudi Arabia's Public Investment Fund, PCP Capital Partners and Reuben Brothers have officially pulled the plug.
Saudi Public Investment Fund, PCP Capital Partners and RB Sports & Media announce that it has formally withdrawn its interest in pursuing the acquisition of Newcastle United Limited and Newcastle United Football Club Limited- Kaveh Solhekol (@SkyKaveh) July 30, 2020
An official statement on the news 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."
A key figure in the slated takeover was British businesswoman Amanda Staveley, a former girlfriend of Prince Andrew who organised the group of investors through her strong connections in the Middle East.
Plenty of outrageous transfer rumours surfaced emerged following news of a potential big-money takeover but the reality for Newcastle fans now is that Sports Direct owner Ashley remains at the helm.