Saudi Investment Group pulls out from Newcastle takeover
beIN Sports earlier called on the Premier League and its 20 clubs to block the sale of Newcastle to Saudi Arabia.
Saudi Public Investment Fund (PIF), PCP Capital Partners, and the Reuben Brothers have withdrawn from taking over Newcastle United.
The £300m proposed purchase of the Magpies have been in the news for sixteen weeks and was waiting for approval from the Premier League following further investigations of the club’s background and prospective owners.
According to a statement issued by the investment company, the global uncertainty of football activities is a factor to their interest withdrawal 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.”
Below is the full statement.
"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."