Saudi Arabia’s Public Investment Fund, PCP Capital Partners owner Amanda Staveley and the Reuben Brothers have withdrawn from the process to buy Newcastle United.
BREAKING: Saudi Arabia’s Public Investment Fund, PCP Capital Partners and Reuben Brothers have withdrawn from the process to buy Newcastle United.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
The attempt to buy the St. James’ Park outfit in a £300 million deal has taken them over 16 weeks, with passing the Premier League’s Owners’ and Directors’ Test proving herculean.
Saudi’s links with piracy complicated things, with the World Trade Organization ruling that the country was behind a pirate satellite TV beoutQ – who illegally streamed contents, including live Premier League games, that rightfully belong to the top-flight’s official broadcast partner beIN Sports – and PIF ran out of patience in the end.
The Reuben Brothers via Jamie Reuben – son of David – and Staveley have reacted thus as their Newcastle takeover fall through:
Statement pt1 – We feel great compassion for the Newcastle United fans with whom we shared a great commitment to help Newcastle United harness its tremendous potential and build upon its impressive and historic legacy while working closely with the local community #nufctakover https://t.co/p5xBsKL4gD
— Jamie Reuben (@jamiereuben) July 30, 2020
PT 2 – 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 💔 🦓
— Jamie Reuben (@jamiereuben) July 30, 2020
Saudi Arabia’s Public Investment Fund has withdrawn from its £300m cash takeover of @NUFC.
PCP Capital Partners’ Amanda Staveley, who fronted the deal, says :”I’m absolutely heartbroken for the club, the fans and the community.”— Jim White (@JimWhite) July 30, 2020
It will be interesting to see what happens next, but American media mogul Henry Mauriss will be expected to finally make his move having been linked with a £350 million bid all along.
Newcastle owner Mike Ashley still wants out after 13 years in charge of the club, and just maybe another takeover could be on the cards.
Mauriss’ legal team has claimed he will pass the Owners’ and Directors’ Test in less than three weeks, and Magpies fans will be keen to see what’s next.
