Newcastle United will reportedly change ownership of British businessman Mike Ashley into the hands of wealthy groups from Saudi Arabia.
The group, which belongs to the sovereign wealth foundation Saudi Arabia PIF, PCP Capital Partners and Reuben Brothers are reported to have made a £ 300 million bid to buy Newcastle from British businessman Mike Ashley.
The acquisition process itself has been running since last April, but until now it has not yet been completed.
Because the process is too long, the Saudi Arabian wealthy group decided to end the acquisition process.
“With a deep appreciation of the Newcastle community and the importance of the football club, we have made the decision to attract our interest in acquiring the Newcastle United football club,” the group said in a statement as reported by BolaSport.com from Reuters.
The same report states there are several reasons why the group canceled the acquisition of Newcastle.