Toon takeover off after Saudi Arabia-backed consortium withdraw offer

The Saudi Arabia-backed takeover of Newcastle United is off.

Theconsortiumbehindthe takeover revealed that it had formally withdrawn its bid to buy the club.

The £300million takeover, which saw the club dragged into a geopolitical dispute between Saudi Arabia and Qatar, was submitted to the Premier League for approval in April.

A statement from the 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.

"We do so with regret, as we wereexcitedandfullycommitted to invest in the great city of Newcastleandbelievewecould have returned the club to the positionofitshistory,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 willariseformatches,training and other activities."

Something had to give.

And it did, 16 weeks after a £300m takeover of Newcastle was lodged with the Premier League, it was withdrawn. There was hope and expectation on Tyneside back in April when the deal was done. Now there’s trepidation. Was that bid the club’s only hope of a brighter future?

Thestatementissuedbythe Saudi Arabia-backed consortium, which alluded to their investment plans for the club and the city, didn’t make good readingforfansonTynesideas theyfaceduptoanotherseason with Mike Ashley as owner.

“We were excited, and fully committed, to invest in the greatcityofNewcastle,andbelieve we could have returned the club to the position of its history, tradition and fans’ merit,” it read.

“We feel great compassion for the fans with whom we shared a great commitment to helpNewcastleUnitedharness its tremendous potential and build upon its impressive and historic legacy while working with the local community.”

United has long needed an owner with a long-term vision for the club – and an ambition forfootballingsuccess.Ashley, is not that owner – he’s admitted that himself. And a season whichhadstartedwithanantiAshley boycott has ended with a bombshell. Whatever next?