A consortium led by Saudi Arabia’s Public Investment Fund (PIF) has withdrawn its interest in acquiring Newcastle United Football Club; it made this known in a statement on Thursday.
The group, which includes PCP Capital Partners and Reuben Brothers, said the process which is faced with global uncertainty had rendered the potential investment no longer commercially viable.
Papers regarding the proposed takeover were lodged with the Premier League in April and were still being scrutinized before this development.
The PIF had been set to take an 80 per cent stake in the Premier League club under the terms of the deal, which was understood to be worth just over £300m.
The decision will be a blow to Newcastle fans, who hoped the planned takeover might lead to significant investment in the club – that finished 13th in the just-ended Premier League season.
The end of the takeover bid leaves the North East club still in the hands of businessman, Mike Ashley, who has long faced protests and opposition from the fans.