Saudi consortium release statement as £300m takeover officially collapses – Devastating

By | 30th July 2020

Some devastating news in the last few moments, with Sky Sports confirming that the Saudi-backed bid to buy Newcastle United has now collapsed.

As highlighted below, the consortium led by Amanda Staveley has formally withdrawn from the process due to the amount of time it’s taken for the takeover to reach a conclusion, with the current “global uncertainty” also named as a reason for their withdrawal.

Here’s the ‘breaking news’ taken from Sky Sports in the last few moments:

Here is the statement the group have sent to Sky Sports since the news broke:

“We feel great compassion for the Newcastle United fans with whom we shared a great commitment to help.

“We would like to say that we truly appreciated your incredible expressions of support and your patience throughout this process. We are sorry it is not to be.

“Unfortunately the prolonged process under the current circumstances coupled with global uncertainty has rendered the potential investment no longer commercially viable”

“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.”

Absolutely crushing.

Where next for Newcastle United?

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This post written by Olly Hawkins originally appeared on NUFC blog – Newcastle United blog – NUFC Fixtures, News and Forum.. Read the full post here.

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