Saudi group pull out of Newcastle takeover bid

Newcastle United head into the short English Premier League (EPL) close season surrounded by uncertainty.

This has come after the collapse of the proposed Saudi take-over ——-with an owner who wants to sell the club but with no viable purchaser in place.

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Club owner Mike Ashley was ready to sell the club to the investment group in a deal worth more than 305 million pounds.

This group included Saudi Arabia’s sovereign wealth fund PIF, Amanda Staveley’s PCP Capital Partners and Reuben Brothers.

But the take-over bid, announced in April, never emerged from the Premier League’s owners and directors test and on Thursday the consortium pulled out.