The Saudi Arabian State Investment Fund (PIF), PCP Capital Partners, and Reuben Brothers have refused to buy Newcastle United.

“Despite our deep respect for Newcastle United, we have decided to refuse to invest in the club.

It was difficult for us to make such a decision because we wanted to divert our investments in the historic city. We also believed that we would help the club return to a high level again.

Unfortunately, due to the unexpected situation caused by the Coronavirus Pandemic, the negotiation process took quite a long time. So, the contract between the club and the investment fund expired.

As a result, our investment thesis was no longer supported. “It should also be noted that by now it is still unclear when the new season will start. Also not clear when the team will be able to start training. Nothing is yet known about the new rules that prevent the matches from being held as usual,” the company said in a statement.

Recall that the current owner of Newcastle United, Michael Ashley, was planning to sell the club for 300 million.

In the 2019/20 season of the Premier League, the “Magpies” took the 13th place with 44 points.