Saudis' Newcastle bid ends after piracy, human rights issues

Saudi Arabia’s sovereign wealth fund withdrew its bid to buy English Premier League club Newcastle on Thursday after the process was stalled by concerns about piracy by the kingdom and human rights complaints.

The league has spent four months considering whether to approve the 300 million pound ($392 million) takeover that would have seen Saudi Arabia's Public Investment Fund gain an 80% take in the northeast club.

The Premier League faced calls to block the takeover by Hatice Cengiz, the fiancee of murdered journalist and Saudi critic Jamal Khashoggi. The assassination and dismemberment of Khashoggi in the Saudi Consulate in Istanbul in late 2018 has been linked to Saudi Crown Prince Mohammed bin Salman, who oversees the fund.

The British-based Reuben brothers and financier Amanda Staveley were also part of the PIF bid, planning to each buy the remaining 10% stakes to end the ownership of retail entrepreneur Mike Ashley.

“We have come to the decision to withdraw our interest in acquiring Newcastle United Football Club,” the consortium said in a statement. “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.

“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 Premier League never gave an indication on the progress of the stalled takeover and when it would make a decision.

“As often occurs...