A Saudi Arabian-backed consortium has pulled out of a bid to buy Newcastle United, the UK-based BBC and Sky News report.
Documents relating to a £300m ($390 million) takeover had been registered with the Premier League 16 weeks ago, but “it is understood Saudi Arabia’s sovereign wealth Public Investment Fund (PIF) ran out of patience waiting for approval,” the BBC reports.
Saudi Arabia’s Public Investment Fund.
Saudi Arabia’s PIF said that it was with “deep sadness” that it had to pull out.
According to Sky News, the group cited the worldwide uncertainty caused by the coronavirus pandemic.
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…Unfortunately, the prolonged process under the current circumstances coupled with global uncertainty has rendered the potential investment no longer commercially viable.”To that end, we feel a responsibility to the fans to explain the lack of alternatives from an investment perspective…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,” the statement said.
