A Saudi Arabian-backed consortium has ended its bid to buy Newcastle United. The group, which included Saudi Arabia’s sovereign wealth fund PIF, PCP Capital Partners and Reuben Brothers, had agreed a £300m deal to buy the club from Mike Ashley in April.
The deal was still being scrutinised under the Premier League’s owners’ and directors’ test and it is understood PIF ran out of patience. PIF said that it was with “deep sadness” that it had pulled out.
“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,” the group said in a statement.
“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.”
As revealed by the BBC this week, the Premier League was seeking clarification of the links between PIF and the Saudi state.