A Saudi-backed consortium has withdrawn its interest in taking over Newcastle.
The consortium, fronted by the country’s Crown Prince Mohammed bin Salman through the Public Investment Fund, had proposed a £300m purchase of the EPL club.
The purchase, however, faced resistance from a number of organisations such as Amnesty International and Bein Sports who alleged human rights violations and piracy of EPL television rights in Saudi Arabia respectively.
A statement read: “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, 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.”