Saudi consortium release statement as £300m takeover officially collapses – Devastating

Some devastating news in the last few moments, with Sky Sports confirming that the Saudi-backed bid to buy Newcastle United has now collapsed.

As highlighted below, the consortium led by Amanda Staveley has formally withdrawn from the process due to the amount of time it’s taken for the takeover to reach a conclusion, with the current “global uncertainty” also named as a reason for their withdrawal.

Here’s the ‘breaking news’ taken from Sky Sports in the last few moments:

Here is the statement the group have sent to Sky Sports since the news broke:

“We feel great compassion for the Newcastle United fans with whom we shared a great commitment to help.

“We would like to say that we truly appreciated your incredible expressions of support and your patience throughout this process. We are sorry it is not to be.

“Unfortunately the prolonged process under the current circumstances coupled with global uncertainty has rendered the potential investment no longer commercially viable”

“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, particularly with no clarity as to the circumstances under which the next season will start and the new norms that will arise for matches, training and other activities.”

Absolutely crushing.

Where next for Newcastle United?

Follow us on Twitter (@NUFCBlogcoukFollow us on Facebook HERE

(Fancy writing for us? Send any articles/ideas over to us at NUFCblogsubmissions@gmail.com & we’ll get back to you!)

About Olly Hawkins

Olly has been a Junior Magpie from birth. As a season ticket holder and avid Newcastle United fan - he eats, sleeps and breathes all things NUFC.

2 thoughts on “Saudi consortium release statement as £300m takeover officially collapses – Devastating

  1. Savk the premier board failed to honour one of their own rot in hell the lot of them
    Failed in their due to promote the premier league resign it is the only way out for you failures

      (Quote)

  2. Done,finished,had enough don’t trust masters fa and if true half premier league clubs as well now we know the true meaning of fa now Fuck All.

      (Quote)

Leave a Reply

Your email address will not be published. Required fields are marked *

Question   Razz  Sad   Evil  Exclaim  Smile  Redface  Biggrin  Surprised  Eek   Confused   Cool  LOL   Mad   Twisted  Rolleyes   Wink  Idea  Arrow  Neutral  Cry   Mr. Green