OFF! Saudi Arabia-backed consortium PULLS OUT of Newcastle United takeover
Saudi Arabia's Public investment Fund, PCP Partners and the Reuben Brothers have "withdrawn interest" in the takeover of English Premier League side Newcastle United, after heading a consortium to purchase the club.
"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, Sky Sports News reported.
"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 decision brings to an end the most intriguing, controversial, and ultimately painstakingly drawn-out saga the season as negotiations over the acquirement of the club began back in March.
Statement pt1 - 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 #nufctakoverhttps://t.co/p5xBsKL4gD
— Jamie Reuben (@jamiereuben) July 30, 2020
PT 2 - 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 💔 🦓
— Jamie Reuben (@jamiereuben) July 30, 2020
In a statement to local newspaper The Newcastle Chronicle, the would-be owners said: "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."
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