(Reuters) - The proposed takeover of Newcastle United by a Saudi Arabian-backed consortium collapsed after the group declined to take up the Premier League's offer of independent arbitration to decide who would own the club, the league's chief executive Richard Masters said.
The group, which included Saudi Arabia's sovereign wealth fund PIF, PCP Capital Partners and Reuben Brothers, announced they were ending their interest in the 300 million pounds ($392.52 million) deal which had been delayed by the Premier League's owners and directors test.
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