Saudi-led group ends takeover bid in Newcastle United

Newcastle United remains under the ownership of Mike Ashley

Saudi Arabia's Public Investment Fund, PCP Capital Partners and Reuben Brothers have withdrawn their interest in buying Newcastle United.

Newcastle fans expressed frustration at the length of the Premier League's scrutiny and press criticism of the takeover.

The league has spent four months considering whether to approve the takeover that would have seen Saudi Arabia's Public Investment Fund gain an 80 percent take in the northeast club.

The Premier League's board had been carrying out an examination of the proposed takeover as part of its "owners and directors test", which evaluates the suitability of ownership groups.

However, Newcastle managing director Lee Charnley seemed to suggest the deal could be resurrected. Never say never, but to be clear Mike Ashley is 100% committed to this deal.

"However our current focus must now be on supporting Steve Bruce in the transfer market and on the preparations for the new season".

The consortium had been waiting to be given the green light take charge of the club, but withdrew completely, citing the tough economic times during the Covid-19 pandemic. "It is genuinely unlikely at the moment". This will cut very deep. "This risk associated with the latter in an unsteady market looks unlikely hence with no Saudi acquisition it looks hard", he added.

And it is claimed English champions Liverpool and Spurs were among the sides who were against the takeover.

That decision means that there is no legal means to watch Premier League football in Saudi Arabia until at least 2022. "Of course we do [blame the Premier League]". "The problem with the deal was the intransigence of the Premier League".

Sources close to the Saudi group say they were angered when Ashley attempted to "significantly renegotiate" the £300m asking price, which had already been agreed upon by all parties.

Schalke's hopes of selling Nabil Bentaleb to Newcastle United this summer have been 'severely dampened' by the breakdown in takeover talks with the Saudi Arabian investment group.

There's a lot of anger, understandably so, and a massive amount of disappointment.

And former England goalkeeper Shilton believes that fans could vote with their feet and stop attending games once they're allowed back inside stadia following the global health crisis.