Newcastle United's proposed take over from Saudi Arabia's Public Investment Fund, PCP Capital Partners and Reuben Brothers is off.
Last week, the imminent take over off Newcastle by the Saudi was reported to have stalled indefinitely. The £300million takeover was reportedly it won't happen unless they come up with a solution to allow sports rights holders BeINSports to protect their rights.
On Thursday 30th, the Saudi Public Investment Fund, PCP Capital Partners, and RB Sports & Media announced it has formally withdrawn from the take over the process.
"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," a statement read.
"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."
"As often occurs with proposed investments in uncertain periods, time itself became an enemy of the transaction, particularly during this difficult phase marked by the many real challenges facing us all from Covid-19."
"We feel great compassion for the Newcastle United fans, with whom we shared a great commitment to help Newcastle United harness its tremendous potential and build upon its impressive and historic legacy while working closely with the local community."
"We would like to say that we truly appreciated your incredible expressions of support and your patience throughout this process. We are sorry it is not to be. We wish the team and everyone associated with it much good luck and success."
BREAKING: Saudi-backed consortium announces it has pulled out of its attempted take-over of Newcastle United pic.twitter.com/GbqG3Row79— B/R Football (@brfootball) July 30, 2020