Fit and proper - Riyadh Bureau:
The Saudi-led takeover of Newcastle United was “90% certain” six months ago. Well, that turned out to be far from certain.
After a long battle to gain approval from the English Premier League, the investment group led by the kingdom’s sovereign wealth fund have decided this week to withdraw their £300 million offer to buy the club.
“Unfortunately, the prolonged process under the current circumstances coupled with global uncertainty has rendered the potential investment no longer commercially viable,” said the consortium, which also includes British financier Amanda Staveley and the billionaire Reuben brothers.
The collapse of the deal is deeply frustrating for thousands of the club’s fans who pinned their hope on this acquisition, but also for Saudi officials who once again are confronted with the fact that their missteps in recent years continue to haunt them despite their best efforts to move forward.
