The response in Saudi Arabia to talk of a resurrected Newcastle United takeover bid

The group, which included Saudi Arabia’s Public Investment Fund (PIF), yesterday issued a statement which pointed the finger at the Premier League for the “prolonged” approval process.

And sources close to the deal have spoken to the Gazette about the decision – and the events that led up to it.

Staveley, meanwhile, has told of her “heartbreak” in an interview. The financier said: “Do we give up now? I don’t know, there may be a way forward, but we have had to put a statement out. I’m trying to deal with the facts and we had to make a decision.”

There are hopes on Tyneside that the deal can yet be resurrected, though PIF sources have indicated to the Gazette that the decision to walk away from the takeover was “not a negotiating tactic”.