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Saudi Arabia’s PIF abandons bid for Newcastle United

An investor group led by Saudi Arabia’s Public Investment Fund has abandoned its proposed 300 million-pound (US$390m) takeover of UK soccer team Newcastle United Football Club.

The consortium formally withdrew its interest because of the prolonged process and current challenges posed by the ongoing coronavirus crisis, it said in an emailed statement Thursday.

The investor group agreed to acquire the club from billionaire Mike Ashley in April, around the time English football was suspended because of the pandemic. After reaching the deal with Ashley, the consortium had been waiting for…

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