Saudi Arabia’s sovereign wealth fund withdraws bid to buy Premier League club Newcastle after process was stalled by concerns about piracy by the kingdom and human rights complaints.
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 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. The Premier League never gave an indication on the progress of the stalled takeover and when it would make a decision.
The Qatar-owned beIN Sports network, which is banned from operating in Saudi Arabia, holds the Middle East rights that are being pirated by beoutQ.
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