A takeover bid for Newcastle United by a consortium backed
by the Saudi sovereign wealth fund has been withdrawn after weeks of waiting
for the Premier League’s approval, the group said on Thursday.
The investment group of the
Saudi Public Investment Fund (PIF), Amanda Staveley’s PCP Capital Partners and
billionaire brothers, David and Simon Reuben, cited the long period since a
deal was struck with Newcastle owner Mike Ashley in April and the impact of
coronavirus for pulling out.
“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,” the investment group said in a statement reported by Sky Sports.
“Unfortunately, the prolonged
process under the current circumstances coupled with global uncertainty has
rendered the potential investment no longer commercially viable.”
The statement added: “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 takeover bid had attracted
condemnation from Amnesty International and the wife of murdered journalist
Jamal Khashoggi over Saudi’s human rights record, putting pressure on the
Premier League not to give it the green light in its owners’ and directors’
test.