Newcastle United’s £300 million proposed takeover by Saudi Arabia’s Public Investment Fund has fallen through.
The collapse is coming after four months of trying to get the deal across the line, but the passing the Premier League’s Owners’ and Directors’ Test proved too hard for the Saudis.
PIF, PCP Capital Partners and the Reuben Brothers had plans to inject around £250 million of funds into the Newcastle first-team squad, academy, training facilities and community, but that is now off the cards with the club facing the prospect of having Mike Ashley as owner when the 2020-21 Premier League campaign resumes in September.
PCP Capital Partners owner Amanda Staveley who was fronting the PIF-backed bid isn’t giving up in her attempts to get the St. James’ Park outfit new owners, though, and she has told Sky Sports’ Jim White to get the message out there.
“Time up! It has taken too long. The bid was real, it’s been there all the time. Ashley agreed to it. They tell me today they were going to allocate £250 million and more to the club, the academy & the community. Now it’s all gone,” White said on talkSPORT.
“Having said that, and I don’t know how genuine this is, as Amanda Staveley said “goodbye, I’ll speak to you later”, she said “get this out there, though, we’ll not give up, we’ll not give up.”
“It’s taken too long. The bid was real, Mike Ashley agreed to it!”
“They were going to allocate £250M to the club, the academy & the community. That’s all gone.”
“Staveley told me ‘we will not give up!’”
— talkSPORT (@talkSPORT) July 30, 2020
It will be interesting to see if Staveley can quickly move on from this heartbreak and attempt to get another buyers to come to the table and negotiate another Newcastle takeover.
The businesswoman submitted a failed bid in the region of £300 million to buy Newcastle in November 2017 before reviving interest in April 2020, and just maybe a third move will get the job done.
American businessman and CEO of Clear TV Henry Mauriss has tabled a £350 million bid to buy the the club, and has waited all along for the proposed Saudi Arabian takeover led by Staveley to fall through.
Now that it has, the Californian will likely prepare to move quickly and enter into talks with Ashley to finalize a deal.