Mike Ashley’s attempts to sell Newcastle United to a Saudi-backed buyer has collapsed after months of controversy and speculation.
Saudi Arabia’s Public Investment Fund, PCP Capital Partners and Reuben Brothers announced today that they have officially withdrawn from the process to purchase Newcastle United in a deal that was reportedly worth £300m.
A statement, published by Sky Sports, 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.”
It was widely believed that, had the takeover been completed, the Magpies would’ve have become the richest club in world football and will have been handed the perfect chance to compete with the likes of Liverpool and Manchester City for honours in the not too distant future, but those dreams appear to be over.