The proposed takeover of Newcastle United by Saudi Arabia’s Public Investment Fund, PCP Capital Partners and Reuben Brothers is now off.
The club, which is currently owned by Mike Ashley, had been the subject of a proposed takeover during the last few months however the deal is now off.
The investment group released a statement on Thursday where they cited a number of reasons for the decision to pull-out including the lack of ‘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.”
“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.
🚨 BREAKING 🚨
Newcastle's takeover is OFF ❌
Saudi Public investment fund withdraw from the process to buy Newcastle pic.twitter.com/hkhfOXWLjH
— Football Daily (@footballdaily) July 30, 2020
“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.”
Newcastle had a strong season under manager Steve Bruce where they finished 13th.