BREAKING NEWS
Seventeen weeks after contracts were exchanged on a £300m deal, Saudi Public Investment Fund (PIF), PCP Capital Partners and the Reuben Brothers have withdrawn from the process to buy Newcastle United.SAUDIS PULL OUT OF NEWCASTLE TAKEOVER
The Investment Group have issued a statement which outlines that the decision to pull out of a deal was taken due to:
‘The prolonged process under the current circumstances coupled with global uncertainty has rendered the potential investment no longer commercially viable.’
‘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.’
‘Time itself became an enemy of the transaction, particularly during this difficult phase marked by the many real challenges facing us all from Covid-19.’
