The Saudi-led consortium attempting to buy Newcastle have announced they have withdrawn their bid to buy the club. Back in April, Newcastle owner Mike Ashley first agreed to sell to Saudi Arabia's Public Investment Fund, PCP Capital Partners and Reuben Brothers for £300million.
But after growing opposition, a row over piracy and uncertainty from the Premier League, the deal is now off.
A statement read: "With a deep appreciation for the Newcastle community and the significance of its football club, we have come to the decision to withdraw our interest in acquiring Newcastle United Football Club.
"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."