Saudi Arabia investment group ends Newcastle United bid

An investment group that included Saudi Arabia’s Public Investment Fund, PCP Capital Partners and Reuben Brothers has reportedly withdrawn interest in purchasing Premier League club Newcastle United.

Per Sky Sports, the investment group pulled its bid due to "worldwide uncertainty caused by the coronavirus pandemic." According to ESPN, however, the ownership transfer stalled because of human rights complaints made against Saudi Crown Prince Mohammed bin Salman and also because the World Trade Organization accused the kingdom of not doing enough to halt piracy of Premier League games.

Sky Sports shared a statement from the investment group:

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.

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.

To that end, we feel a responsibility to the fans to explain the lack of alternatives from an investment perspective.

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, 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.

Matt Renton of The Magpie Channel told Sky Sports the failed transfer from current owner Mike Ashley is heartbreaking for passionate Newcastle supporters and that the club is "dead" under Ashley's leadership.