Soccer-Saudi-backed group ends takeover interest in Newcastle United-report

The group, which included Saudi Arabia's sovereign wealth fund PIF, PCP Capital Partners and Reuben Brothers, was reported to have made a 300 million pounds ($391.74 million) 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 interest in acquiring Newcastle United Football Club," the group said in a statement to Sky Sports.

A Saudi Arabian-backed consortium has ended its interest in taking over English Premier League side Newcastle United, Sky Sports reported on Thursday. The group, which included Saudi Arabia's sovereign wealth fund PIF, PCP Capital Partners and Reuben Brothers, was reported to have made a 300 million pounds ($391.74 million) 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 interest in acquiring Newcastle United Football Club," the group said in a statement to Sky Sports. ($1 = 0.7658 pounds)