Saudi Arabia’s Public Investment Fund, PCP Capital Partners and Reuben Brothers have withdrawn from the process to buy English Premier League club Newcastle United.
A statement 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.”
Premier League : Newcastle United takeover falls through, Saudi investor pulls out
Earlier, Newcastle manager Steve Bruce had called for clarity on the proposed takeover so the club could start planning for next season.
PIF said that it was with “deep sadness” that it had to pull out.
As reported by InsideSport earlier, the Premier League was seeking clarification of the links between PIF and the Saudi state.
Also Read : https://www.insidesport.co/football-business-newcastle-united-takeover-hits-another-roadblock/
PIF’s chairman is Crown Prince Mohammed bin Salman, and it appears the Premier League’s lawyers had been struggling to establish the precise links between the consortium and the Saudi government.
PIF felt it had been given as many assurances as it could about an appropriate amount of distance between PIF and the Saudi state.
The economic environment and prospect of a second wave of the coronavirus – and threat of limited fans in stadia – was also said to be unhelpful.