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Official – Newcastle’s big money take-over is OFF

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The Saudi Arabian backed group attempting to take-over Newcastle United have officially withdrawn their offer to buy the club.

It has been several months since Mike Ashley agreed to sell Newcastle United to a group of investors backed by the Saudi Arabian crown prince Mohammed bin Salman.

The Premier League has been in no rush to complete its due diligence for the potential new owners. 

There have been rumblings of association with human rights violations back in Saudi Arabia. Add to that legal wrangling in the oil-rich state following accusations of piracy issues in the broadcast of Premier League football.

The toon Army has been dreaming of big-money signings and taking over the footballing transfer market. Much in the style of Manchester City and PSG, and of course the jokes are already flooding social media.

It now appears that such illusions of grandeur will have to be put on hold.

According to Sky Sports, the investors released the following statement:

“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 Football Club.”

“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.”

“Ultimately, during the unforeseeably prolonged process, the commercial agreement between the Investment Group and the Club’s owners expired and our investment thesis could not be sustained.”