Saudi Arabia’s sovereign wealth fund withdraws bid to buy English Premier League club Newcastle.

Saudi Arabia’s Public Investment Fund, PCP Capital Partners and Reuben Brothers have withdrawn the bid to buy the English Premier League club Newcastle. The proposed £300m takeover had been registered with the Premier League 16 weeks ago.

However, the deal was still being scrutinised under the owners’ and directors’ test. According to reports, Saudi Arabia’s sovereign wealth PIF ran out of patience waiting for approval.

In a joint statement, the Saudi Public Investment Fund, PCP Capital Partners and RB Sports & Media consortium said: “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.

“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.”