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The future of Newcastle United is back in the air

The Reuben brothers withdrew their bid for Mike Ashley to buy the Magpies and the future of Newcastle United is back in the air after Saudi Arabia’s Pubic Investment Fund.

Whether Amanda Staveley, the Ripon financier leading the group also comments on the situation remains to be seen.

The investors and managers are taking four months to process the test and fans become concerned about the length of time the bid process took.

But a statement read today: “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.”

Newcastle, the Premier League and Staveley have yet to comment.

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