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Saudi-led Consortium’s Newcastle Bid Ends

Saudi-led Consortium’s Newcastle Bid Ends

Friday, 31 July, 2020 - 07:00
FILE PHOTO: Soccer Football - Premier League - Newcastle United v Chelsea - St James' Park, Newcastle, Britain - January 18, 2020 General view outside the stadium before the match Action Images via Reuters/Lee Smith
Asharq Al-Awsat

A consortium led by Saudi Arabia’s Public Investment Fund has withdrawn a proposed take-over of English Premier League club Newcastle.

A statement from the group, which also included UK investor Amanda Staveley’s PCP Capital and the family business of the British entrepreneur Reuben Brothers, said the decision was made with “a deep appreciation for the Newcastle community and its football club.”

“We believe we could have returned the club to the position of its history, traditions and fans’ merit.”

“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,” said the statement.

"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,” the consortium added.

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