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Saudi bid for takeover at Newc...
Soccer

Saudi bid for takeover at Newcastle United is withdrawn

The Saudi Arabian-led bid to buy Newcastle United has been withdrawn. 

Saudi's Public Investment Fund, Amanda Staveley's PCP Capital Partners and Reuben Brothers had combined to buy the club from Mike Ashley.

It's now seventeen weeks since they agreed a £300million (€332m) price with owner Mike Ashley.

However, the takeover bid has been met with several roadblocks.

Issues were raised over Saudi Arabia's appalling human rights record.

While the Gulf state also came in for criticism following a World Trade Organisation report into the piracy of BeIN Sports coverage in the Middle East.

Failure of the takeover bid has been placed on the "unforeseeably prolonged process" which they claim means the "commercial agreement between the Investment Group and the club's owners expired and our investment thesis could not be sustained".

Newcastle are not without other suitors.

American businessman Henry Mauriss has also reportedly lodged a £350million (€388m) bid to buy the Premier League club from Mike Ashley.

A statement from the Saudi-led consortium 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.

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.

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Read more about

Amanda Staveley Jamal Khashoggi Mike Ashley Mohammed Bin Salman Newcastle Newcastle United PCP Capital Partners Reuben Brothers Saudi Arabia

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