Of Saudi giants have withdrawn from the proposed Newcastle United takeover.
Saudi Arabia’s Public Investment Fund, PCP Capital Partners, and Reuben Brothers have pulled back from the acquisition of premier league club Newcastle United.
Saudi Arabia’s public investment fund (PIF) was to take an 80 percent share in the North East club estimated at around £300m according to Sky Sports.
The group have now decided to withdraw their interest in the deal noting the uncertainties caused by the coronavirus pandemic and the ‘prolonged process’ that has rendered the investment non commercially viable.
A statement read: “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.