The Saudi national team offers 300 million pounds to buy Newcastle

The Saudi national team offers 300 million pounds to buy Newcastle

 

The Saudi national team offers 300 million pounds to buy Newcastle


Saudi Arabia backed consortium withdraws 300 million pounds offer to shop for Newcastle. The group, including Saudi Arabia’s sovereign wealth fund PIF, PCP Capital Partners, and Reuben Brothers, had agreed to shop for the club from Mike Ashley in April. A Saudi Arabian-backed consortium has withdrawn its £300 million bid to shop for English Premier League side Newcastle United.

In a statement, the investor group said that the commercial agreement between it and therefore the club’s owners had expired and its investment thesis couldn’t be sustained. The consortium’s withdrawal could allow American entrepreneur Henry Maurice to require over the club.


Maurice has registered his interest in Newcastle and remains extremely keen for the acquisition to happen. Meanwhile, human rights groups and therefore the fiancee of murdered journalist Jamal Khashoggi, Hatice Cengiz, had opposed the takeover.

Khashoggi, a critic of the authoritarian Saudi regime, was murdered by Saudi agents and his body was cut in pieces and thrown away in Turkey in 2018. Peter Frankental, Amnesty International UK’s economic affairs program director, claimed the bid had been an effort by the Saudi Arabia government to “sports wash” their human rights record.