Reuben brothers keen to revive £300m Newcastle United takeover

An investment group led by financier Amanda Staveley last week withdrew its £300million bid for the club after the Premier League failed to make a decision on the takeover.

The Reuben brothers – who own Newcastle Racecourse – were set to take a 10% stake in the club.

And, according to Martin Cruddace, chief executive officer of Arena Racing Company, the billionaires remain “totally supportive” of the deal, which was to be 80% funded by Saudi Arabia’s Public Investment Fund.

In a statement, Cruddace said: “As owners of Gosforth Park and Newcastle Racecourse, Arena Racing Company is very disappointed to learn that the bid to takeover of Newcastle has been withdrawn.

“Given our shareholders – the Reuben brothers – were to be an integral part of the deal, we had many plans for our venues and sport in the North East. We were planning on creating one of the premier sporting hubs in the UK, undertaking development work that is vital for the region and enjoying valuable synergies with the club.

"We continue to hope that those exciting plans are not in vain.

“We would welcome any resurrection of talks and progress with the Premier League, and are aware that the Reuben brothers remain totally supportive of the deal should there be a way forward.”

Meanwhile, Staveley has spoken to the Newcastle United Supporters Trust.