It is believed that the amount of time taken, coupled with global uncertainty, has forced them to pull out of the deal with the Premier League club.
Newcastle United Saudi Arabia Takeover Falls Through
Saudi Arabia’s Public Investment Fund, PCP Capital Partners and Reuben Brothers have withdrawn from the process to buy the Premier League club.
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.”
Interest from Saudi investments has been ongoing since the start of the year. But, just last month, the World Trade Organization issued a report which found representatives of the consortium had facilitated the breach of international piracy laws.
The laws in question come from TV network beoutQ. The TV network had been accused of broadcasting sports, including Premier League matches, illegally. The Saudi representatives have appealed against it.
Premier League matches broadcast in the Middle East are done so through Qatar-based beIN Sports.
Last month, it emerged that American business tycoon Henry Mauriss had tabled a £350 million bid to but the Magpies. Not only was the bid £50 million more than the agreed sale to the Saudis, but the rival investment could also have had a negative impact in the initial bid.
Now, it remains uncertain whether or not Mauriss will continue in his bid to buy the Premier League outfit. It is certain, however, that Saudi Arabian investors will not be taking the reigns at St. James’ Park.