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Newcastle bid off

The Saudi consortium bid for Newcastle United has been withdrawn.  It is understood that they ran out of patience with the Premier League which could not decide whether to approve the controversial bid: https://www.bbc.co.uk/sport/football/53598846

So Mike Ashley remains in charge and with no other credible bidder in sight the club's future remains uncertain.  In mid-June Henry Mauriss, an American television executive, made a £350m bid to buy Newcastle from Ashley but considerable scepticism surrounds his offer.

The prospective purchasers said in a statement that the decision had been made with "regret" and was down to the worldwide uncertainty caused by the coronavirus pandemic.

'Ultimately, during the unforeseeably prolonged process, the commercial agreement between the Investment Group and the club's owners expired and our investment thesis could not be sustained, particularly with no clarity as to the circumstances under which the next season will start and the new norms that will arise for matches, training and other activities,' the statement continued.

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