Newcastle takeover OFF: Saudi-backed consortium withdraw £300m bid to buy Magpies from Mike Ashley

The Saudi Arabia-backed takeover of Newcastle has been called OFF.

Amanda Staveley’s company PCP Capital Partners was leading the £300million takeover of the Magpies, with Saudi Arabia’s Public Investment Fund (PIF), which is led by crown prince Mohammed bin Salman, backing the deal.

The news will come as a huge blow to Newcastle fans

However, the time the takeover has taken and current ‘global uncertainty’ has seen the consortium pull the plug on a deal.

A joint PCP and PIF statement read: “We feel great compassion for the Newcastle United fans with whom we shared a great commitment to help.

“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.”

Consortium leader Staveley added: “I’m absolutely heartbroken for the club, the fans and the community.”

Newcastle takeover timeline

The attempted takeover of Newcastle was met with controversy due to Saudi Arabia’s poor human rights record.

Sports network BeIN Sports and human rights campaigners Amnesty International wrote to the Premier League warning them over a possible Saudi takeover.

Another controversial issue that arose was the World Trade Organisation claiming the country is behind a pirate satellite TV and steaming service offering illegal access to sporting events – including Premier League matches.

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The WTO report found that ‘prominent Saudi nationals’ promoted illegal broadcasts by the pirate network beoutQ.

Last month, Premier League chief executive Richard Masters revealed a decision on the Saudi takeover of Newcastle would be made ‘shortly’.

However, the Saudi consortium has lost patience and will no longer be pursuing a deal.