NEWCASTLE United’s proposed takeover, months and months in the making, has come to an unexpected stop after the Saudi Arabia consortium pulled out its bid to buy the English club.
Fans of The Magpies were excited about the possibility of new investors coming in and taking over from unpopular long-time owner Mike Ashley. With the takeover looking promising in early May, the World Trade Organization (WTO), a few weeks later, made a ruling based on the alleged illegal pirating of the league’s television coverage in Saudi Arabia through a company called beoutQ, according to the Guardian per Sport Bible.
This then-spanner in the works stalled talks but was eventually fixed, and after a period 17 weeks, it has now been confirmed that the organisations involved in the proposed takeover, including Saudi Arabia’s Public Investment Fund, PCP Capital Partners and Reuben Brothers, have all officially pulled the plug on their combined bid.
“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,” read an official statement. “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,” added the statement.
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