The global Sky Sports network said today, Thursday, that the investment group of the Saudi Public Investment Fund formally withdrew from the acquisition of English club Newcastle.
Sky Sports published the Saudi group’s official statement and reads: “With deep appreciation for the history of Newcastle United, we made the decision to withdraw from the deal to buy the English club. Unfortunately, we were enthusiastic and fully committed to all of our plans to invest in the great city of Newcastle, and we thought it was We can restore the club to its place known to its fans. ”
The statement added: “We waited a long time regarding the conclusion of the deal, but in the end, the specified period for implementing the agreement between us and the club owners ended, and it was difficult for us to continue this deal, especially with a lack of clarity regarding the conditions in which the next season will start and the new standards that will be established Team matches and training.
BREAKING: Saudi Arabia’s Public Investment Fund, PCP Capital Partners and Reuben Brothers have withdrawn from the process to buy Newcastle United.
— Sky Sports News (@SkySportsNews) July 30, 2020
Newcastle has recently been associated with a possible transfer of ownership to Saudi investors who want to buy shares of the English club from its current owner, Mike Ashley.
The reports in the last period confirm that the Saudi investors have reached an agreement with Ashley to pay a sum of 300 million euros for the acquisition of the old English club.