Saudi-backed groups withdraws Newcastle takeover

Newcastle United stadium with its buyers
ES
Ernest Sunday

Saudi Arabia's Public Investment Fund, PCP Capital Partners and Reuben Brothers have withdrawn interest from buying Newcastle United.

Newcastle United owners have been in negotiation with Saudi Arabia's Amanda Staveley’s company PCP Capital Partners to take over the club with reports that they were biding £300million to take over the Magpies.

Last month there were reports that the deal was close to an agreement, but the whole deal has crashed as the Saudi Arabia groups have withdrawn their interest from taking over the club.

A statement from the groups 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."

The fans of Newcastle United who finished 13th in the 2019/2020 Premier League table was hoping for a new change with reports that there are talks between Newcastle and former Tottenham manager Pochetino.

They were also hoping for a club's overhaul of its players in this transfer season.

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