LONDON: A takeover bid for Newcastle United by a consortium backed by the Saudi sovereign wealth fund has been withdrawn after weeks of waiting for the Premier League’s approval, according to a media report on Thursday.
In a joint statement reported by Sky Sports, the Saudi Public Investment Fund (PIF), PCP Capital Partners and RB Sports & Media said: “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.”
Saudi Arabia appeals against piracy ruling
Meanwhile, Saudi Arabia has appealed against a landmark piracy ruling, posing further questions over the proposed takeover of Newcastle United, the BBC said.
“Last month the World Trade Organization issued a report which found representatives of the Saudi state had facilitated the breach of international piracy laws via the TV network beoutQ,” BBC reported on their website.
BeoutQ has been accused of illegally broadcasting a range of professional sport, including Premier League matches.
Saudi Arabia initially claimed the WTO’s ruling was a vindication of its position, but the WTO confirmed to BBC Sport it has since received an appeal against it.
