Saudi Arabia’s Public Investment Fund withdraw bid to buy Newcastle

0
76

Newcastle takeover

After over a decade at the helm, Mike Ashley’s controversial tenure as Newcastle owner finally looked set to come to an end this year.

Speculation regarding a potential takeover began to ramp up in mid-April.

It was then reported that a £300m deal to buy Newcastle from Ashley was done, with only Premier League approval missing.

The takeover would have seen the Saudi Arabia Public Investment Fund secure 80% of Newcastle, with Amanda Staveley and the Reuben brothers each handed 10%, with the Magpies due to bag the richest owners in the Premier League.

The weeks that followed no doubt proved hugely exciting for Newcastle fans, with the North East outfit tipped to move for some top names, including Edinson Cavani and Mauricio Pochettino.

NEWCASTLE UPON TYNE, ENGLAND – MAY 07: Mike Ashley, owner of Newcastle United and Lee Charnley, managing director of Newcastle United both look on from the stands during the Sky Bet Championship match between Newcastle United and Barnsley at St James’ Park on May 7, 2017 in Newcastle upon Tyne, England. (Photo by Stu Forster/Getty Images)

SAPIF pull out of Newcastle takeover

However, as more and more time passed without an official announcement, the possibility of a takeover at St. James’ appeared to be fading.

In May, there were reports of delays due to Saudi links to piracy broadcasting company BeoutQ, who were under investigation by Premier League lawyers.

Then, in June, beIN Sports, the Premier League’s official broadcast partner in the Middle East, stated that Newcastle’s takeover should ‘fail the owners’ and directors’ test’.

And now, over three months after the takeover process is said to have begun, the SAPIF, PCP Capital Partners and the Reuben Brothers have officially withdrawn their interest in buying Newcastle.

Statment on withdrawal

The official statement on the matter reads:

“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.

“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 proactivity 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.

“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.

“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.”

See also: Arsenal vs Chelsea live streaming: Watch FA Cup Final online, preview, prediction and odds

Fulham vs Cardiff City live streaming: Watch online, preview, prediction and odds


This article was edited by Conor Laird.

Newcastle betting odds, next game:

Newcastle Jets vs Western United FC odds: result, both teams to score, correct score & goalscorers

Western United FC
11/5

Newcastle’s latest videos

Newcastle United 1 Liverpool 3 | Premier League Highlights

Newcastle United 1 Liverpool 3 | Premier League Highlights

Brighton and Hove Albion 0 Newcastle United 0 | Premier League Highlights

Brighton and Hove Albion 0 Newcastle United 0 | Premier League Highlights

🇧🇷 INTERVIEW | Joelinton on settling into life in Newcastle and the Premier League

🇧🇷 INTERVIEW | Joelinton on settling into life in Newcastle and the Premier League

Newcastle United 1 Tottenham Hotspur 3 | Premier League Highlights

Newcastle United 1 Tottenham Hotspur 3 | Premier League Highlights

Newcastle latest news

Premier League table

# Team MP D P
1 Liverpool FC 38 52 99
2 Manchester City FC 38 67 81
3 Manchester United FC 38 30 66
4 Chelsea FC 38 15 66
5 Leicester City FC 38 26 62
6 Tottenham Hotspur FC 38 14 59
7 Wolverhampton Wanderers FC 38 11 59
8 Arsenal FC 38 8 56
9 Sheffield United FC 38 0 54
10 Burnley FC 38 -7 54
11 Southampton FC 38 -9 52
12 Everton FC 38 -12 49
13 Newcastle United FC 38 -20 44
14 Crystal Palace FC 38 -19 43
15 Brighton & Hove Albion FC 38 -15 41
16 West Ham United FC 38 -13 39
17 Aston Villa FC 38 -26 35
18 AFC Bournemouth 38 -25 34
19 Watford FC 38 -28 34
20 Norwich City FC 38 -49 21
Player Team Goals
Vardy, Jamie Leicester City FC 23
Aubameyang, Pierre-Emerick Arsenal FC 22
Ings, Danny Southampton FC 22
Sterling, Raheem Manchester City FC 20
Salah, Mohamed Liverpool FC 19
Mane, Sadio Liverpool FC 18
Kane, Harry Tottenham Hotspur FC 18
Rashford, Marcus Manchester United FC 17
Martial, Anthony Manchester United FC 17
Jimenez, Raul Wolverhampton Wanderers FC 17
Aguero, Sergio Manchester City FC 16
Abraham, Tammy Chelsea FC 15
Jesus, Gabriel Manchester City FC 14
Wood, Chris Burnley FC 14
De Bruyne, Kevin Manchester City FC 13
Richarlison Everton FC 13
Calvert-Lewin, Dominic Everton FC 13
Son, Heung Min Tottenham Hotspur FC 11
Mahrez, Riyad Manchester City FC 11
Pukki, Teemu Norwich City FC 11

Source: 101greatgoals.com