The long-awaited takeover of Newcastle United has collapsed after the Saudi PiF withdrew from the deal.
After a 16-week wait, Staveley, the Reuben brothers and Saudia Arabia's Public Investment Fund pulled out of the £340million deal they thought was struck with Mike Ashley.
A statement from the would-be buyers read: "Ultimately, 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, particularly with no clarity as to the circumstances under which the next season will start and the new norms that will arise for matches, training and other activities."
Here's a round-up of today's news on the takeover's collapse:
'Absolute joke' - Newcastle fans react to shock news that takeover is off
Newcastle United fans have been left devastated by the news the Saudi-led takeover is now off.
The Public Investment Fund of Saudi Arabia and the Reuben brothers have withdrawn from the protracted saga to buy the Magpies from Mike Ashley.
The deal had been in the hands of the Premier League and their owners and directors test for four months.
A statement from the investment group reads: "With a deep appreciation for the Newcastle community and the significance of its football club, we have come to the decision to withdraw our interest in acquiring Newcastle United Football Club."
What consortium had planned for Newcastle United
The consortium which hoped to take over Newcastle United planned to invest £250m over the next five years directly into the club plus additional sums over and above that into the community.
ChronicleLive understands that as well as strengthening the squad in the transfer market, a key part of the long-term business plan put together by Amanda Staveley, Saudi Arabia's Public Investment Fund (PIF) and the Reuben Brothers was to redevelop the club's academy and invest in the city.
However, concerned there was no end point in sight with the Premier League's owners' and directors' test, which has been ongoing for several months now, the consortium have walked away after their 'commercial agreement' with owner Mike Ashley expired.
One of the key issues the Premier League have been understood to have been grappling with is ensuring that the PIF were independent of the Kingdom of Saudi Arabia and the consortium felt they had answered all the questions asked of them by the governing body.
Amnesty International issue damning statement following failed Newcastle takeover bid
Amnesty International has called on the Premier League to review their owners and directors test in the wake of the failed Newcastle United takeover.
The Public Investment Fund of Saudi Arabia and the Reuben brothers have withdrawn from the bid following a protracted saga spanning at least four months.
Amnesty International were one of numerous individuals and groups to speak out against the deal on the grounds of Saudi Arabia's human rights record.
Following the news on Thursday afternoon of the breakdown of the deal, the human rights group issued a passionate response on what they considered a "blatant attempt" to "sportswash its abysmal human rights record".
Amanda Staveley left 'heartbroken' as Newcastle United takeover breaks down
Amanda Staveley has revealed she is 'heartbroken' by the collapse of her bid to buy Newcastle United.
The Ripon-financier and the Reuben brothers withdrew from their £340million bid for the club after it did not get the green light from the Premier League during the owners' and directors' tests.
Staveley said today: “I am absolutely heartbroken for the club, the fans and the community.”
Meanwhile, Jamie Reuben, who was set for a role on the board, added: "We feel great compassion for the Newcastle United fans with whom we shared a great commitment to help Newcastle United harness its tremendous potential and build upon its impressive and historic legacy while working closely with the local community.
"We would like to say that we truly appreciated your incredible expressions of support and your patience throughout this process. We are sorry it is not to be."
Amanda Staveley talks about piracy issues and Premier League's handling of Newcastle United
Amanda Staveley has blamed the Premier League and rival clubs for the collapse of the Newcastle United takeover.
When contacted by ChronicleLive the Premier League maintained their no comment status on the claims while Newcastle are also yet to respond to a story that is making global headlines tonight.
After a 16-week wait, Staveley, the Reuben brothers and Saudia Arabia's Public Investment Fund pulled out of the £340million deal they thought was struck with Mike Ashley.
Ashley, who remains in the United States, is also yet to comment.
Steve Howey on 'worrying times' for Newcastle after 'devastating' takeover collapse
Steve Howey has labelled the breakdown of the latest Newcastle United takeover as a "devastating" blow for the city.
The 'Investment Group' consisting of Saudi Arabia's Public Investment Fund, the Reuben Brothers and Amanda Staveley withdrew their bid for the Magpies on Thursday afternoon.
Former United defender Howey believes the latest takeover bid had the full backing of the club's fanbase to bring Mike Ashley's turbulent 13-year tenure to an end.
Despite the protracted nature of the saga - the bid had been in the hands of the Premier League for 17 weeks - the 48-year-old still believed a deal would be completed.
Sunderland's subtle, cheeky swipe at rivals Newcastle United as the takeover collapses
Sunderland have taken a cheeky swipe at rivals Newcastle United after news that a proposed takeover of the Tyneside club had collapsed.
A joint statement from the group consisting of Amanda Staveley, the Reuben brothers and the Public Investment Fund of Saudi Arabia confirmed on Thursday that they had withdrawn their offer to buy the Magpies.
The news broke at the same time that Sunderland were preparing to announce their first signing of the summer in Aiden O'Brien.
Having initially confirmed the deal in normal circumstances, they used their tweet to profile the new striker to also make a subtle dig at Newcastle United.
