Newcastle United’s future is back in the air after the Reuben brothers dropped their offer for Mike Ashley to buy the Magpies from Saudi Arabia’s Pubic Investment Fund.
It remains to be seen if Amanda Staveley, the Ripon financier who is heading the party, also comments on the situation. Customers have been concerned with the amount of time the bid process took with the investors and managers check taking four months to complete.
But a statement read today: “With great respect for the city of Newcastle and the importance of its football club, we have decided to remove our interest in acquiring Newcastle United Football Club. We do so with sadness, as we were excited and completely committed to investing in Newcastle’s great city and feel we could have taken the club back to the place of its heritage, reputation, and fans’ merit. In the end, during the unpredictably prolonged period, the trade agreement between the Investment Group and the owners of the club expired and our investment thesis could not be maintained, particularly without any clarification as to the circumstances in which the next season will begin and the new norms that will emerge for matches, training and other activities.”