Saudi Arabian Consortium Withdraw Bid To Buy Newcastle United

Tanya Simon
July 31, 2020

The PIF is a commercial entity and it sought to demonstrate to the Premier League that separation, but eventually grew frustrated at the lack of an end date as the league considered its application under its owners' and directors' test.

The investment group of the Saudi Public Investment Fund (PIF), Amanda Staveley's PCP Capital Partners and billionaire brothers, David and Simon Reuben, cited the long period since a deal was struck with Newcastle owner Mike Ashley in April and the impact of coronavirus for pulling out.

Saudi Arabia's sovereign wealth fund withdrew its bid to buy English Premier League club Newcastle on Thursday after the process was stalled by concerns about piracy by the kingdom and human rights complaints.

In a letter to the British Secretary of State for Digital, Culture, Media, and Sport, Oliver Dowden, FERW said: "The prospective purchase of Newcastle United by a consortium, which is 80 percent owned by Saudi Arabia's sovereign wealth fund, is concerning due to their poor human rights record".

Magpies supporter George added: "As fans, we are heartbroken".

After so much build up, excitement and expectation, it was a disgusting resolution for fans of the St James's Park who also thought they'd be getting rid of their villainous owner Mike Ashley in the process.

The delay to the process came because the Premier League lawyers struggled to establish precise links between the consortium and the Saudi government.

Newcastle fans expressed frustration at the length of the Premier League's scrutiny and press criticism of the takeover.

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Staveley, an American businesswoman who acted on behalf of former Manchester City owner Thaksin Shinawatra during Sheikh Mansour's purchase of the club back in 2008, revealed she had huge plans to invest in the club and local community.

"We're left confused about what has gone on here - it's been nearly 17 weeks of noise".

"We have been treated with contempt".

No doubt they will go in to overdrive about how it's the right decision, as we get relegated again and the top six remain the same for the foreseeable.

As for the future, both Tomlinson and George are hopeful, so long as the future does not involve Ashley.

All might not be lost for Newcastle United and their legion of devastated fans just yet.

Newcastle are set to return for pre-season training on 17th August, ahead of the new Premier League campaign kicking off on 12th September.

"There will still be things to talk about but everyone is going to wake up and feel a bit sad for a few days".

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