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Saudi royals PULL OUT of bid to buy Newcastle as £300m deal collapses after three months of scrutiny, leaving Mike Ashley without a buyer (but he DOES keep their £17M deposit!)
Saudi Arabia‘s Public Investment Fund have withdrawn their process to takeover outfit Newcastle in a £300million deal.
The news comes amid months of scrutiny from the Premier League, leaving current owner Mike Ashley now without a buyer for the club.
A statement on Thursday read: ‘With a deep appreciation for the Newcastle community and the significance of its football club, we have come to the decision to withdraw our interest in acquiring Newcastle United Football Club.
Newcastle owner Mike Ashley is once again without a buyer for the Premier League club
‘We do so with regret, as we were excited and fully committed to invest in the great city of Newcastle and believe we could have returned the club to the position of its history, tradition and fans’ merit.
‘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.’
More to follow…
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