Newcastle United takeover off

A consortium led by the Saudi Arabia Public Investment Fund has pulled out of a bid to buy Newcastle United.

A proposed £300m purchase of the Premier League club, backed by the PIF, whose chairman is Crown Prince Mohammed bin Salman, has been withdrawn largely due to the protracted nature of negotiations.

A statement initially carried by Sky Sports News on behalf of the PIF, PCP Capital Partners and Reuben Brothers, confirmed: "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.

"Unfortunately, the prolonged process under the current circumstances coupled with global uncertainty has rendered the potential investment no longer commercially viable.

"To that end, we feel a responsibility to the fans to explain the lack of alternatives from an investment perspective.