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 league has spent four months considering whether to approve the 300 million pound ($392 million) takeover that would have seen Saudi Arabia’s Public Investment Fund gain an 80% take in the northeast club.
The British-based Reuben brothers and financier Amanda Staveley were planning to each buy the remaining 10% stakes to end the ownership of retail entrepreneur Mike Ashley.
“We have come to the decision to withdraw our interest in acquiring Newcastle United Football Club,” the consortium said in a statement.