Saudi consortium pulls out of Newcastle takeover

Newcastle United will not be bought by a Saudi Arabian consortium. The takeover bid has been hit by delays and it seems like the PIF have had enough. 

Back in April, the PIF were interested in buying Newcastle which would have seen the Magpies become the richest club in the league, even richer than Manchester City. However, the Premier League were still considering the paperwork under the owners and directors test. 

There were those who said that the Premier League were trying to delay the decision as much as possible due to the political tension with Saudi Arabia following the death of Jamal Khashoggi. The 300 million takeover bid meant the English outfit were linked with the likes of Coutinho and Arthur, but now the club will remain under the ownership of Mike Ashley and will have to do more modest transfer business. 

The official reasons, according to 'Sky Sports' reporter Keith Downie, are because of "the amount of time the takeover has taken" as well as "global uncertainty." In any case, Newcastle's hopes of a big money takeover by Saudi Arabia are now over. 

Newcastle ended the 2019/20 Premier League campaign in 13th place on 44 points, 10 points above relegation and 15 points off Europe.

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July 30, 2020