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Wednesday, September 30, 2020

Newcastle takeover: Saudi Arabian-backed consortium pulls out of bid

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Stephen Owura Kissi
Journalism has been my prior job during childhood. With all things been so good for me, I am able to achieve my aim and fulfill the promise I made to my family. I am now a renowned sports journalist working with Ghana News Page.

A Saudi Arabian-backed consortium has ended its bid to buy Newcastle United.

The group, which included Saudi Arabia’s sovereign wealth fund PIF, PCP Capital Partners and Reuben Brothers, had agreed a £300m deal to buy the club from Mike Ashley in April.

The deal was still being scrutinised under the Premier League’s owners’ and directors’ test and it is understood PIF ran out of patience.

The consortium said that it was with “regret” that it had pulled out.

Amanda Staveley, the British businesswoman behind PCP Partners, said she was upset for the club’s supporters.

“It’s awful,” she said, adding that there would have been huge investment in the area.

“We are devastated for the fans. We really thank the fans – I personally thank them for all their support.”

A statement from the investor group said: “As an autonomous and purely commercial investor, our focus was on building long-term value for the club, its fans and the community as we remained committed to collaboration, practicality and proactivity through a difficult period of global uncertainty and significant challenges for the fans and the club.

“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.”

The consortium’s withdrawal could pave the way for a takeover by American entrepreneur Henry Mauriss, who has registered his interest in Newcastle and remains extremely keen for the acquisition to happen.

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