The consortium attempting to take over Newcastle United withdrew their bid for the club. The end of this saga is a win-win for football and its fans.
On Thursday, the group headed by Saudi Arabia’s Public Investment Fund (PIF) and fronted by PCP Capital Partners and Reuben Brothers ended their £300 million deal to purchase Newcastle United from its embattled owner, Mike Ashley. This agreement had been agreed upon in April.
The original deal had been met with a mix of excitement from fans desperate to see the Mike Ashley regime end and fear from others concerned about the linkages between the PIF and the state of Saudi Arabia.
The PIF issued a statement announcing their withdrawal from the agreement stating, “During the unforeseeably prolonged process, the commercial agreement between the investment group and the club’s owners expired. Our investment thesis could not be sustained, particularly with no clarity as to the circumstances under which next season will start and the new norms that will arise.”
This statement eludes to delays in the process of the deal being formally recognized by the Premier League through the Owners and Directors’ Test. The league had been be-set with a mountain of calls to deny the take over on several different grounds.
Though a definite disappointment to NUFC fans, the ending of this telenovela like plotline is a victory for the sport’s values and the virtues of integrity, honesty, and justice.