The proposed takeover of Premier League club Newcastle United by a consortium backed by Saudi Arabia has collapsed after the group announced they were no longer interested in the deal, a statement by the consortium said on Thursday.
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“With a deep appreciation for the Newcastle community and the significance of its football club, we have come to the decision to withdraw our bid in acquiring Newcastle United Football Club,” the group said.
“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.”
“Unfortunately, the prolonged process under the current circumstances coupled with global uncertainty has rendered the potential investment no longer commercially viable,” the group added.
“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 group added.
“As often occurs with proposed investments in uncertain periods, 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,” the group said.
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