Premier League: consortium backed by Saudi fund withdraws from acquisition of Newcastle United FC

"We have come to the decision to withdraw our interest in acquiring Newcastle United FC (Premier League). We do so with regret, as we were excited and fully committed to invest in the great city of Newcastle (ENG) and believe we could have returned the club to the position of its history, tradition and fans' merit," said a consortium comprising the Saudi Arabian sovereign wealth fund (PIF), PCP Capital Partners and Reuben Brothers (both UK investment funds) in a statement on 30/07/2020.

This consortium, 80% owned by PIF, was on the verge of acquiring the Newcastle club for £300m (€340m), but the takeover process was met with resistance because of Saudi Arabia's involvement in piracy via the channel beoutQ (see below).

"Ultimately, during the unforeseeably prolonged process, the commercial agreement between the Investment Group and the club's owners expired and our investment thesis could not be sustained, particularly with no clarity as to the circumstances under which the next season will start and the new norms that will arise for matches, training and other activities," added the…