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Why Saudi Arabia consortium pulled out of the Sh42 billion Newcastle takeover

Football - Premier League - Arsenal v Newcastle United - Emirates Stadium, London, Britain - February 16, 2020. A fan displays a banner in reference to Newcastle United owner Mike Ashley during the match. [REUTERS/Eddie Keogh]

Saudi Arabia's Public Investment Fund, PCP Capital Partners and Reuben Brothers pulled out of their proposed Sh42 billion (£300m) takeover of English Premier League side Newcastle United, according to Sky Sports news.

The consortium had been waiting to be given the green light take charge of the club, but withdrew completely, citing the tough economic times during the Covid-19 pandemic.

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