Saudi-led consortium pulls plug on Newcastle United takeover bid

Tanya Simon
August 1, 2020

Last month the World Trade Organisation issued a report which found representatives of the Saudi state had facilitated the activity of the pirate network beoutQ, which illegally broadcast a host of sporting events including Premier League matches.

The British businesswoman, who had worked alongside former Manchester City owner Thaksin Shinawatra during Sheikh Mansour's purchase of the club in 2008, outlined her grand plans centred around Newcastle and the local community to The Athletic.

Saudi Arabia's Public Investment Fund, PCP Capital Partners and Reuben Brothers have withdrawn the bid to buy the English Premier League club Newcastle.

There remains a slim chance that the takeover of Newcastle United by Saudi Arabia's public investment fund could be revived, according to The Athletic.

Human rights groups criticised the proposed deal, while Saudi Arabia's links to piracy of sports broadcasting rights were also scrutinised.

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

Lee Charnley, Newcastle's managing director, released a statement on Friday on behalf of Ashley confirming the 55-year-old still hopes to sell the club to the Saudi-backed consortium. Never say never, but to be clear Mike Ashley is 100 percent committed to this deal.

Scientists Explain Why Some COVID-19 Patients Lose Their Sense of Smell
As the coronavirus pandemic continues, doctors are learning more about the damage having Covid-19 can do to the body. The advice says people should isolate if they have a new continuous cough, or fever, or anosmia.

The Saudi-led group has lost its £17m deposit, which would have been refunded if the Premier League had refused to sign off on the takeover.

"We would like to say that we truly appreciated your incredible expressions of support and your patience throughout this process".

"We are so heartbroken for the Newcastle fans as the investment that was going to go into the club, especially with everything happening with Brexit and Covid-19, would have been so important".

The Magpies had been linked with a long list of potential signings this summer should the takeover go through, with the new owners thought to be keen to spend.

She also claimed that other Premier League clubs played a part in influencing the league's decision to stall over seeing the deal through.

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

Other reports by

Discuss This Article