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Saudi Billionaires Withdraw Bid To Buy EPL Side

Saudi Arabia's Public Investment Fund, PCP Capital Partners and Reuben Brothers have withdrawn their interest in buying Newcastle United.

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The Magpies were set to become one of the Premier League's richest sides but the Saudi-based consortium have now withdrawn their interest.

"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 statement, acquired by Sky Sports News, read.

"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.

Click through the gallery to see The 10 Richest Owners In The Premier League

"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."

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