Sport

Newcastle takeover officially OFF as billionaire backers lose patience – Fox Sports

Newcastle’s proposed £300million Saudi backed takeover is OFF – 17 weeks after paperwork was first lodged.

Published

5 years ago

July 31, 2020

The Saudi consortium fronted by Amanda Staveley has pulled out of the deal, blaming the prolonged process and the current circumstances relating to coronavirus.
Contracts were exchanged on the deal 17 weeks ago but now the Saudi Public Investment Fund (PIF), PCP Capital Partners and the Reuben Brothers have withdrawn from the process to buy the Magpies from Mike Ashley.
A statement read: With a deep appreciation for the Newcastle community and the significance of its football club, we have com…

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