The Newcastle takeover collapse made Premier League news headlines after the Saudi-led consortium withdrew its bid on Thursday. The controversial £300m Newcastle Saudi takeover saga had been in the news for more than 16 weeks and Saudi Arabia Crown Prince Mohammed bin Salman was reportedly fuming at the protracted nature of negotiations. With the collapse of the Newcastle Saudi takeover, the Toon Army have claimed that they've been treated with contempt as the North East club is now still in the hands of unpopular British businessman Mike Ashley. With several reports previously claiming that the Newcastle takeover was almost at the finish line, it makes you wonder, why did Newcastle takeover collapse?
On Thursday, a statement from the Saudi Arabia-backed consortium 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". Newcastle United's managing director Lee Charnley responded to the statement but added, "Never say never, but Mike Ashley is still committed to this deal". Charnley then explained that the club will now focus on backing manager Steve Bruce for new signings in the transfer market.
BREAKING: The Saudi-backed consortium led by Amanda Staveley has formally withdrawn it’s bid to buy Newcastle United. They say the amount of time the takeover has taken, coupled by global uncertainty, has forced them to pull out of the deal #NUFCTakeover— Keith Downie (@SkySports_Keith) July 30, 2020
According to reports from The Guardian, the Newcastle Saudi takeover collapsed because Saudi Arabia Crown Prince Mohammed bin Salman was unhappy with the protracted nature of negotiations. There were also growing fears among the Saudi Arabia-led consortium that it would fail the Premier League’s owners’ and directors’ test. Over the past few months, there were plenty of issues raised over the illegal broadcasting of Premier League games in Saudi Arabia.
The Newcastle takeover deal had also been criticised by several human rights campaigners. Chief negotiator Amanda Staveley pointed the blame on the other Premier League clubs.
The NUFC Supporters Trust also expressed their disappointment at the failed Newcastle United takeover. The supporters revealed that they were treated with contempt over the deal, citing themselves as the "least important people in a decision that affects us the most". The Premier League are yet to comment on the failed Newcastle takeover.
Image Credits - nufc.co.uk