Prince Abdulaziz bin Turki Al Faisal on Saudi-led bid to buy Newcastle: 'It's a shame it didn't go through'

Interview with the BBC published on the same day it was announced that the Kingdom will host its first Formula One race next year

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Prince Abdulaziz bin Turki Al Faisal has spoken of his "disappointment" that a bid led by a Saudi-led consortium to purchase Premier League club Newcastle United was rejected.

In an interview the BBC, the Saudi sports minister, did not share any insight as to why the £300 million ($393m) takeover bid was turned down, saying only that "there's always a reason for things happening or not".

The protracted takeover of Newcastle by Saudi Arabia’s Public Investment Fund, PCP Capital Partners and Reuben Brothers collapsed in July. The consortium had been waiting for months for clearance by the Premier League and apparently lost patience.

"It's a shame it didn't go through but we say here that there's always a reason for things happening or not, and we look forward to better opportunities, hopefully in the future," Prince Abdulazaiz said.

"Of course there was disappointment that the deal did not go through … I'm not really sure what went wrong or what the discussions were about."

Prince Abdulazaiz is the most high-ranking Saudi official to comment on the failed bid. The collapse of the takeover left thousands of Newcastle fans crestfallen and facing up to yet another season under the ownership of Mike Ashley.

The British billionaire businessman is an unpopular figure on the terraces who supporters accuse of chronic underinvestment in players during his 13 years at St James' Park.

Asked if PIF may try to resurrect the deal for Newcastle United in the future, Prince Abdulazaiz said: "I don't know what PIF's plans are, but if there's an opportunity, they'd look into it."

Prince Abdulazaiz's interview was published on the same day it was announced that Saudi Arabia will host its first Formula One race next season.