LONDON — The proposed takeover of Premier League club Newcastle United by a consortium backed by Saudi Arabia has collapsed after the group announced they were no longer interested in the deal, a statement by the consortium said on Thursday.

The group, which included Saudi Arabia’s Public investment fund PIF, PCP Capital Partners and Reuben Brothers, was reported to have made a 300 million pounds bid to buy United from British businessman Mike Ashley.

"With a deep appreciation for the Newcastle community and the significance of its football club, we have come to the decision to withdraw our bid in acquiring Newcastle United Football Club," the group said.

"We do so with regret, as we were excited and fully committed to invest in the great city of Newcastle and believe we could have returned the club to the position of its history, tradition and fans’ merit."

"Unfortunately, the prolonged process under the current circumstances coupled with global uncertainty has rendered the potential investment no longer commercially viable," the group added.

"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," the group added.

The investor group added that the situation had been complicated by a lack of clarity on the circumstances under which the next season would start and new norms that would arise for matches, training and other activities.

"As often occurs with proposed investments in uncertain periods, time itself became an enemy of the transaction, particularly during this difficult phase marked by the many real challenges facing us all from COVID-19," the group said. — Agencies