This is why the Saudi-led Newcastle United takeover collapsed
The Saudi Arabia-backed takeover of Newcastle United is OFF.
The consortium behind the takeover today revealed that it had formally withdrawn its bid to buy the club – leaving owner Mike Ashley as owner for the time being.
The £300million takeover, which saw the club dragged into a geopolitical dispute between Saudi Arabia and Qatar, was submitted to the Premier League for approval in April.
A statement from the consortium 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."
Staveley added: ”I’m absolutely heartbroken for the club, the fans and the community.”
United head coach Steve Bruce has repeatedly called for “clarity” on the takeover in his press conferences.
"As I keep saying, we need clarity on the situation and the takeover,” said Bruce. "And if that’s not going to happen, then we need to know – quickly – so we can be business as usual.”