Saudi Arabian PIF 'look to have given up' on Newcastle United takeover as they eye £850m Inter Milan deal - reports
The Saudi Arabia Public Investment Fund ‘look to have given up’ on a takeover of Newcastle United – according to reports.
Mike Ashley had accepted a bid from the sovereign wealth fund before it was withdrawn last year, although the Newcastle United owner is currently trying to reignite the deal.
Arbitration with the Premier League is scheduled to take place to try and a find a positive resolution with Ashley still keen to sell to the group – which also involved Amanda Staveley and the Reuben Brothers.
But after reports last week suggested that the Public Investment Fund were interested in a deal for Inter Milan, the Sun now claim that talks are taking place with the Italian giants over a deal.
Inter, who are saddled with debts of over £600million, are valued at around £850million.
And the Sun say that a source has told them that it appears the Saudi Arabian group have ‘given up’ on a deal for Newcastle.