The deal, which had been in the hands of the Premier League for 17-weeks, has been derailed after the consortium ran out of patience with the league's Owners and Directors Test.
This proposed deal has been nothing of eventful, as calls to reject the deal had surfaced from the beginning due to Saudi Arabia's controversial background.
Various human rights organisations, including Amnesty International and the widowed fiancé of murdered journalist, Jamal Khashoggi - had all written letters to the Premier League in a bid to reject the deal.
Sports television network, beIN Sports have also been very vocal in their objection to the deal - as they believe the Saudi Government facilitated pirate network 'beoutQ', in an effort to steal their footage and redistribute it across the Middle East and North African areas.
Adding to the controversy, the Public Investment Fund, who would have been 80% shareholders in Newcastle - is chaired by Saudi Crown Prince, Mohammed bin Salman.
What could have been...
If the deal was to go ahead, The Magpies would have become the richest club in the Premier League - as the PIF are worth over an alleged £300bn.
The consortium promised to invest heavily in players, the actual city as well as the academy.
It means that current owner Mike Ashley remains at the club, something which will be met with disgust by the Newcastle faithful.
A statement read from the Public Investment Fund:
"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.
"We do so with regret, as we were excited and fully committed to invest in the great city of Newcastle and believe we could have returned the club to the position of its history, tradition and fans' merit.
"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."
Jamie Reuben, who would have been the Reuben Brothers' representative on the Newcastle board, put this message out to The Toon supporters on Twitter.
Statement pt1 - 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 #nufctakover https://t.co/p5xBsKL4gD— Jamie Reuben (@jamiereuben) July 30, 2020
PT 2 - 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 💔 🦓— Jamie Reuben (@jamiereuben) July 30, 2020
Mehrdad Ghodoussi, the husband of Amanda Staveley, also took to Twitter to address the Newcastle fans.
Amanda and I would like to take this opportunity to thank all the incredible fans of #NUFC for their support. You are truly amazing!!!— Mehrdad Ghodoussi (@ghodoussi) July 30, 2020
Our consortium is devastated: over a years work, millions of pounds spent. But our biggest heartbreak is for Newcastle, it’s fans and the city. We share your pain. 💔— Mehrdad Ghodoussi (@ghodoussi) July 30, 2020
Staveley, who is currently in a legal battle with Barclays bank, was in tears when she found out the news that the consortium were pulling out of the deal.
Mike Ashley remains the owner
It is reported that Mike Ashley has made £17m off the back of the deal, regardless of the takeover collapsing - due to a non-refundable deposit being made by the consortium before the Owners and Directors Test commenced.
The news will be met with heartbreak for the Newcastle fans, who had hoped that the Sports Direct tycoon will have departed the club after 13-years of neglectful ownership.