Saudi Public Investment Fund (PIF), PCP Capital Partners and the Reuben Brothers have withdrawn from the process to buy Newcastle United, sky sports report.
The Saudi Arabians multi million brothers bided for a £300m takeover of Premier league side Newcastle United seventeen weeks ago.
But the deal is now off.
In a statement issued by the firm which is in confirmation of their withdrawal reads ;
- Mike prolonged process under the current circumstances coupled with global uncertainty has rendered the potential investment no longer commercially viable.’
- ‘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.’
- ‘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.’
Newcastle owner Mike Ashley opted to sell out his shares at the club for several years and it appears it is on a stall.
Several controversies have surrounded the deal since its initial negotiation and the deal is now off.