Saudi Arabia’s public investment fund (PIF) had been set to take an 80 per cent stake in club under the terms of the deal, understood to be worth just over £300m
Last Updated: 31/07/20 11:27am
Owner Mike Ashley remains “100 per cent committed” to the Saudi-based takeover of Newcastle United, despite the collapse of the deal on Thursday.
On Thursday, Sky Sports News revealed Saudi Arabia’s Public Investment Fund, PCP Capital Partners and Reuben Brothers have withdrawn from the process to buy Newcastle.
Saudi Arabia’s public investment fund (PIF) had been set to take an 80 per cent stake in the Premier League club under the terms of the deal, which was understood to be worth just over £300m.
But the Investment Group decided to end their interest, citing the worldwide uncertainty caused by the coronavirus pandemic and the ‘prolonged process’ they found themselves involved in.
It is understood the Premier League, which was conducting its owners’ and directors’ test on the bidders, had concerns that the Saudi Public Investment Fund was too closely linked to the kingdom’s rulers.
Lee Charnley, Newcastle’s managing director, released a statement on Friday on behalf of Ashley confirming the 55-year-old still hopes to sell, but will now shift his focus to ensuring Newcastle are prepared for the beginning of the 2020/21 Premier League season, which will kick off on September 12.
“We acknowledge the statement issued on Thursday. Never say never but to be clear Mike Ashley is 100 per cent committed to this deal (sale),” Charnley said.
“However our current focus must now be on supporting Steve Bruce in the transfer market and on the preparations for the new season.”
More to follow…