Newcastle’s highly expected £300m Saudi Arabia led takeover has now been called off after months of waiting, MySportDab reports.
The announcement comes after three months of talks with the Premier League, leaving Newcastle owner Mike Ashley without a buyer for the club.
On Thursday, Saudi Public Investment Fund, RB Sports & Media and PCP Capital Partners announced it has withdrawn from the takeover bid.
A full statement read: ‘With a deep regret for the Newcastle world and the importance of its football club, we have come to a decision to withdraw our bid to buy Newcastle United Football Club.
‘This comes with regret, as we were all excited and committed to invest in the city of Newcastle and believe we could have turned the club’s fortune around.
‘Unfortunately, during the prolonged talks, the agreement between the Investment Group and the club’s owners has expired and our investment there could not be completed.’
Newcastle United: Saudi-led group calls off takeover of Premier League club https://t.co/z1vAd9HiaC
— SkyNews (@SkyNews) July 30, 2020
Documents relating to the £300m Newcastle takeover from owner Ashley were provided to the Premier League since April but it faced criticism from different organisations.
Even though the bid was led by British financier Amanda Staveley.
It is the well-known sovereign wealth Public Investment Fund (PIF) who planned to have 80 per cent controlling stake at the club.
The proposed takeover had taken different turns for months.
However, Newcastle United remain in the Premier League after the 2019-20 season was completed.