MX23RW : Saturday, September 18 05:20:43| >> :120:22827:22827:

Saudi Public Investment Fund withdraws from Newcastle talks

Saudi Public Investment Fund withdraws from Newcastle talks
© Reuters
PCP Capital and RB Sports & Media had been set to take a 10 per cent stake each in the deal.

The Saudi Public Investment Fund has walked away from its takeover of Newcastle.

The PIF had been set to take an 80 per cent stake in the Premier League club but has withdrawn its interest.

A statement from the group read: “An investment group led by majority investor the Public Investment Fund; PCP Capital Partners; and RB Sports & Media, announced today that it has formally withdrawn its interest in pursuing the acquisition of Newcastle United Limited and Newcastle United Football Club Limited.”

Newcastle United File photo
Newcastle will not be taken over by a Saudi consortium (Owen Humphreys/PA)

PCP Capital and RB Sports & Media had been set to take a 10 per cent stake each in the deal, which is understood to have valued the club at just over £300million.

The statement added: “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.

“We do so with regret, as we were excited and fully committed to invest in the great city of Newcastle and believe we could have returned the club to the position of its history, tradition and fans’ merit.”

“Unfortunately, the prolonged process under the current circumstances coupled with global uncertainty has rendered the potential investment no longer commercially viable,” the statement continued.

“To that end, we feel a responsibility to the fans to explain the lack of alternatives from an investment perspective.

“As an autonomous and purely commercial investor, our focus was on building long-term value for the club, its fans and the community as we remained committed to collaboration, practicality and pro-activity through a difficult period of global uncertainty and significant challenges for the fans and the club.

“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, 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.”

The statement continued: “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.

Newcastle Takeover
Newcastle are currently owned by Mike Ashley (Kirsty O’Connor/PA)

“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.

“We would like to say that we truly appreciated your incredible expressions of support and your patience throughout this process. We are sorry it is not to be.

“We wish the team and everyone associated with it much good luck and success.”

ID:408482: cacheID:408482:1false2false3false:QQ:: from db desktop :LenBod:restore:6898:
Restore Data
Share this article now:
Did you know...?
Read more about Newcastle United Football

rhs 2.0
Todays Game Header Right
Premier League
Championship
Scottish Premiership
La Liga
Serie A
Bundesliga
Ligue 1
Eredivisie
Primeira Liga
League One
League Two
National League
Scottish Championship
Scottish League One
Scottish League Two
Turkish Super Lig
Belgian Pro League
Greek Superleague
Russian Premier League
Ukrainian Premier League
Norwegian Eliteserien
Swedish Allsvenskan
Finnish Veikkausliiga
NIFL Premiership
League of Ireland Premier
Welsh Premier League
Belarusian Premier League
Segunda Division
Serie B
2.Bundesliga
Ligue 2
Major League Soccer
Brasileiro
Copa Diego Maradona
Uruguayan Primera Division
Liga MX
J1 League
Premier League 2 - Div 1
Tables
TeamPWDLFAGDPTS
1Manchester UnitedMan Utd4310113810
2Chelsea431091810
3Liverpool431091810
4Everton4310104610
5Manchester CityMan City4301111109
6Brighton & Hove AlbionBrighton43015329
7Tottenham HotspurSpurs43013309
8West Ham UnitedWest Ham422010558
9Leicester CityLeicester420246-26
10Brentford41213215
11Crystal Palace41215505
12Aston Villa411257-24
13Wolverhampton WanderersWolves410323-13
14Southampton403146-23
15Watford410337-43
16Leeds UnitedLeeds5032512-73
17Arsenal410319-83
18Newcastle UnitedNewcastle5023613-72
19Burnley401338-51
20Norwich CityNorwich4004111-100

Subscribe to our Newsletter


Transfer Talk Daily
Match previews - twice weekly
Morning Briefing (7am UTC)
Ultra close-up image of Kevin De Bruyne [NOT FOR USE IN ARTICLES]Get the latest transfer news, match previews and news direct to your inbox!