The proposed takeover of Newcastle United Football Club is off.
The announcement comes after almost four months of waiting, with the drawn out nature of the deal putting off the potential new investors.
A statement from the Saudi Public Investment Fund, the Reuben Brothers and PCP Capital Partners – who make up the consortium involved in the takeover – read:
“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”
The news ends speculation over Steve Bruce’s future as Magpies manager, and will see Newcastle start next season with a similar budget to the one they had this campaign.
Newcastle fans around the globe are furious at the Premier League’s lack of communication throughout the owners and directors test, which was expected to be complete after a maximum of four weeks.
The test began in April.