Saudi Arabian-backed consortium pulls out of Newcastle takeover

31 Jul 2020

By: Sport Industry Group

A Saudi Arabian-led consortium which had been in talks about a takeover of Premier League club Newcastle has formally withdrawn its bid.

The group had agreed a £300m deal to buy the club in April, and included Saudi Arabia's sovereign wealth fund PIF, PCP Capital Partners and RB Sports and Media, however it has now pulled out of the bid, which was still being scrutinised by the Premier League.

In a statement, 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 PIF was reported to have been willing to take an 80% stake in the club, with PCP Capital Partners - led by British businesswoman Amanda Staveley - and RB Sports and Media taking 10% each.