“As is often the case with planned investments in uncertain times, time itself became the enemy of the transaction, especially in this difficult phase.”
From Sky Sports News
Last update: 30.07.20 3:54 p.m.
The Saudi Arabian public investment fund, PCP Capital Partners and Reuben Brothers have withdrawn from the purchase process for Newcastle, as Sky Sports News can exclusively reveal.
Contributions to this were submitted to the Premier League in April, but no further details have been released since.
The Investment Group has decided to end its interest, citing global uncertainty surrounding the coronavirus pandemic.
“We do this with regret because we were excited and determined to invest in the great city of Newcastle and believe we could have put the club back in the position of its history, tradition and merits of the fans.”
“Unfortunately, the lengthy process under the current circumstances combined with global uncertainty has made the potential investment no longer economically viable.
“For this purpose, we feel obliged to the fans to explain the lack of alternatives from an investment perspective.
“As an autonomous and purely commercial investor, we have focused on creating long-term value for the club, its fans and the community as we continue to work together, be practical and proactive in a difficult time of global uncertainty and significant challenges for fans have prescribed and the club.
“Ultimately, during the unpredictably long process, the trade agreement between the Investment Group and the owners of the club expired and our investment thesis could not be maintained, especially without clarity about the circumstances in which the next season will begin and the new standards that will for games, training and other activities.
“As is often the case with planned investments in uncertain times, time itself became the enemy of the transaction, especially in this difficult phase, which is characterized by the many real challenges that we all face at Covid-19.
“We are deeply sympathetic to the Newcastle United fans, with whom we have been very attached to helping Newcastle United realize its enormous potential and build on its impressive and historic heritage while working closely with the local community.
“We would like to say that we really appreciated your incredible expressions of support and your patience during this process. We are sorry that this is not the case.
“We wish the team and everyone involved the best of luck and success.”
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