This archive report was first published on 31 July 2020.
On February 16, 2020, a fan displayed a banner in reference to Newcastle United owner Mike Ashley during a match at Emirates Stadium in London.
A consortium led by Saudi Arabia's Public Investment Fund, PCP Capital Partners, and Reuben Brothers had proposed a Sh42 billion (£300m) takeover of Newcastle United, but withdrew their interest due to the prolonged process and global uncertainty caused by the Covid-19 pandemic.
In a statement, the consortium expressed regret over their decision, citing the prolonged process and global uncertainty as reasons for their withdrawal.
They stated that they were excited and committed to investing in Newcastle United and believed they could have returned the club to its historic position, but unfortunately, the prolonged process and global uncertainty made the investment no longer commercially viable.
The consortium also expressed their appreciation for the Newcastle community and the significance of the club, and wished the team and everyone associated with it much good luck and success.
The withdrawal of the Saudi Arabian consortium leaves Newcastle United still in the hands of British businessman Mike Ashley, who has faced protests and opposition from fans.
