Saudi PIF Scraps Newcastle United Football Club Deal
Posted on 07/30/2020
Saudi Arabia’s Public Investment Fund (PIF) is exiting out of its proposed £300 million takeover of Newcastle United football club. The seller is Mike Ashley, a retail store executive from the United Kingdom. In a public statement, the investor group said, which includes PCP Capital Partners and the Reuben brothers, “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.”
The statement adds, “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.”
Some of the issues included the prolonged process of the deal and global uncertainty about the potential commercial viability of the investment.