Newcastle United will reportedly change ownership of British businessman Mike Ashley into the hands of wealthy groups from Saudi Arabia.
BOLASPORT.COM – A wealthy group in Saudi Arabia has ended its interest in taking over the English League club, Newcastle United.
A few months ago a consortium group supported by Saudi prince Mohammed Bin Salman, planned to acquire Newcastle United.
The group, which includes Saudi Arabia’s PIF sovereign wealth foundation, PCP Capital Partners, and Reuben Brothers, has reportedly made an offer of 300 million pounds (£ 5.80 trillion) to buy Newcastle from British businessman Mike Ashley.
The acquisition process itself has been running since last April, but until now it has not yet been completed.
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Because the process is too long, the Saudi Arabian wealthy group decided to end the acquisition process.
“With a deep appreciation of the Newcastle community and the importance of the football club, we have made the decision to attract our interest in acquiring the Newcastle United football club,” the group said in a statement as reported by BolaSport.com from Reuters.
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“In the end, during an unexpected prolonged process, the commercial agreement between the Investment Group and the club owner ended and our investment could not be maintained,” the group added.
The same report states there are several reasons why the group canceled the acquisition of Newcastle.