Saudi-led consortium pulls out of Newcastle United takeover bid

Talks between the consortium and Michael Ashley, the British retail entrepreneur who owns the club, have been under way since last year on a proposed takeover. (Reuters/File Photo)
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Updated 30 July 2020

Saudi-led consortium pulls out of Newcastle United takeover bid

  • A statement from the investment group said the decision was made with “a deep appreciation for the Newcastle community and its football club”

DUBAI: A consortium led by Saudi Arabia’s Public Investment Fund has withdrawn a proposed take-over of Newcastle United, the English Premier League football club.

A statement from the investment group, which also included UK investor Amanda Staveley’s PCP Capital and the family business of the British entrepreneur Reuben Brothers, said the decision was made with “a deep appreciation for the Newcastle community and its football club. We believe we could have returned the club to the position of its history, traditions and fans’ merit.”

Talks between the consortium and Michael Ashley, the British retail entrepreneur who owns the club, have been under way since last year on a proposed takeover, with a suggested price tag in the region of GBP300m.

But the negotiations stalled after formal contracts were exchanged in April because of the need for formal approval from the English Premier League, whose rules govern ownership of clubs in the top rank.

The approval process was also delayed by the COVID-19 pandemic that led to the cancellation of English football matches for three months.

“The prolonged process under the current circumstances coupled with global uncertainty has rendered the potential investment no longer commercially viable,” a consortium statement said.

“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,” the consortium said.

It also noted that there was no clarity as to the circumstances under which the next season will start and the new norms will arise for matches, training and other facilities. The English football season is due to restart in September but issues relating to crowd attendance have not been finalized.

The takeover was overwhelmingly supported by fans of the 128 year old club, which boasts among the highest attendances in English football.

“We feel great compassion for the fans with whom we shared a great commitment to help Newcastle harness its tremendous potential and build upon its impressive and historic legacy while working closely with the local community,” the statement added.

The takeover, with Saudi investors in the driving seat, was seen as part of the strategy to diversify the Kingdom’s interests as part of its Vision 2030 plan. PIF has spent nearly $8 billion on foreign investment since the pandemic hit global financial markets.

“Our focus was on building long term value for the club, its fans and the community as we remained committed to collaboration, practicality and proactivity through a difficult period of global uncertainty and significant challenges for the fans and the club,” the consortium said.

“We would like to say that we truly appreciated your incredible expressions of support and your patience through this process. We are sorry it is not to be,” the PIF-led consortium said.


The NBA MVP finalists: Antetokounmpo, James and Harden

Updated 09 August 2020

The NBA MVP finalists: Antetokounmpo, James and Harden

  • James would join Kareem Abdul-Jabbar (a six-time winner), Michael Jordan and Bill Russell as the NBA’s only five-time MVPs
  • Antetokounmpo is bidding to become the 12th back-to-back winner of the award

LAKE BUENA VISTA, Florida: This season’s NBA MVP has won the award before.
A trio of past winners of the award — reigning MVP Giannis Antetokounmpo of the Milwaukee Bucks, four-time MVP LeBron James of the Los Angeles Lakers and 2017-18 winner James Harden of the Houston Rockets — were announced Saturday as the finalists for this season’s top NBA individual honor.
James would join Kareem Abdul-Jabbar (a six-time winner), Michael Jordan and Bill Russell as the NBA’s only five-time MVPs. Antetokounmpo is bidding to become the 12th back-to-back winner of the award, and Harden is vying for his second MVP in three seasons.
“He’s an incredible teammate, plays unselfishly, does everything,” Bucks coach Mike Budenholzer said of Antetokounmpo last month, stating his best player’s MVP case. “And I think that’s kind of what the MVP is, so we certainly feel like he’s very deserving and we’ll be excited to support him.”
Antetokounmpo is also a finalist for Defensive Player of the Year, while Utah’s Rudy Gobert is bidding to win that trophy for a third consecutive season.
The league announced the top three vote-getters in six individual categories. Voting has already taken place by a global panel of sportswriters and broadcasters.
The NBA has not set specific dates when the winners will be announced.
None of the games taking place at the NBA’s restart at Walt Disney World factored into the voting, because ballots were due before games began again July 30.
The league took the step of saying games played before the league suspended the season on March 11 because of the coronavirus pandemic could factor into award consideration, out of fairness to the eight teams that were not invited to the restart.
The other finalists for NBA honors:
Rookie of the Year — Ja Morant, Memphis; Kendrick Nunn, Miami; Zion Williamson, New Orleans.
Most Improved Player — Bam Adebayo, Miami; Luka Doncic, Dallas; Brandon Ingram, New Orleans.
Sixth Man — Montrezl Harrell, Los Angeles Clippers; Dennis Schroder, Oklahoma City; Lou Williams, Los Angeles Clippers.
Defensive Player of the Year — Antetokounmpo; Anthony Davis, Los Angeles Lakers; Rudy Gobert, Utah.
Coach of the Year — Mike Budenholzer, Milwaukee; Billy Donovan, Oklahoma City; Nick Nurse, Toronto.


GASOL VS. GRIZZLIES
Marc Gasol spent parts of 11 seasons in Memphis, going to three All-Star Games with a Grizzlies jersey on his back, earning two All-NBA selections there and a Defensive Player of the Year award as well.
And now, he’ll play against his former team for the first time.
The Grizzlies face Gasol and the Toronto Raptors on Sunday. It’ll be the first game between the clubs since Gasol was traded to Toronto in February 2019 — a move that helped the Raptors win last season’s NBA championship.
Gasol said facing Memphis would be emotional.
“I got there when I was 16 years old. It was my first time out of Spain,” said Gasol, who still owns his Memphis home. “I started high school there as a teenager and left as a father of two kids. ... My ties to the city and my roots go pretty deep and my love for the people there, what they mean and the franchise, it’s forever.”
Gasol helped Memphis make the playoffs in seven consecutive seasons including the 2013 run to the Western Conference finals. He is the Grizzlies’ all-time leader for minutes played, field goals made, free throws made and attempted, rebounds, blocks and triple-doubles and is second in points — 49 behind Mike Conley.
The Raptors were supposed to have played back-to-back games against Memphis this season, going there March 28 and then playing host to the Grizzlies March 30. Those games, of course, were called off because of the season suspension caused by the coronavirus pandemic.
“Obviously it’s a little bittersweet that we couldn’t play in the city of Memphis, to get that love and feel that Iove from the fans,” Raptors guard Fred VanVleet said. “But I’m sure he’ll be happy to see some familiar faces and a lot of the people that he spent a lot of time with over the years.”


WORKING WIZARDS
On Friday, the Washington Wizards were eliminated from playoff contention.
On Saturday, they practiced.
The Wizards knew they were playoff longshots even before coming to the NBA’s restart at Disney, especially since Bradley Beal didn’t make the trip because of injury and Davis Bertans opted not to play because of health concerns.
But these eight games — Washington is 0-5 at Disney with three games left — were considered learning opportunities for the team’s young players, and a chance to get some high-level work in before the offseason starts. And just because the playoff chances are now gone doesn’t mean Wizards coach Scott Brooks is changing his thinking on that front.
“It’s about getting better,” Brooks said. “You know, I love our group. We want to keep improving. And the record, I’m not happy with it but I’m happy with our effort after every game that we’ve been in.”
Brooks has told his team repeatedly at Disney that the losses go on his record, not theirs.
“You can’t waste the days, you have to keep working on each day and keep improving and it’s hard,” Brooks said. “It’s hard to go through, you know, five losses in a row. But in order to get where we need to get to, you’re going to have to deal with it. You’re going to have to be able to handle it. You’re going to have to be able to get better from it, and it also has to hurt, going through it. And that’s fine.”


BUCKS CLINCH
The road to the NBA championship will go through Milwaukee’s white uniforms.
The Bucks have secured the top overall seed in the NBA playoffs for the second consecutive year, the clincher coming when the Los Angeles Lakers lost to Indiana on Saturday.
Ordinarily, that would come with the right to host Game 1 and Game 7 of every series. This year, it just means that the Bucks will be called the home team in those games in each postseason round that they reach.