After 18-long weeks, the Newcastle United takeover saga has come to an abrupt end after the Saudi Arabia-led consortium has withdrawn its bid to buy the club.

The consortium, led by Saudi Arabia’s Public Investment Fund and also involving Amanda Staveley and the Reuben Brothers, had been waiting for a decision from the Premier League.

However, after the Premier League has failed to provide any guidance, they have decided to pull the plug on the deal.

According to reports from The Times, Staveley was in tears as she confirmed the consortium’s decision today to withdraw the £300 million offer to Newcastle’s owner, Mike Ashley.

She has blamed the Premier League for not approving the takeover. Staveley has confirmed that they have done everything to get the deal done and answered all the questions asked by the Premier League.

The businesswoman has also stated that other Premier League clubs didn’t want the deal to go through. The report claims that the likes of Liverpool and Tottenham were among those clubs that opposed the takeover.

“We are heartbroken obviously,” said Staveley.

She added: “Of course we do. They [Premier League] had a chance, they say we have not answered all the questions and we have done so. But the other clubs in the Premier League didn’t want it to happen.

The decision will come as a huge blow to many Newcastle fans who were desperate to see a change in ownership.

It now remains to be seen whether Henry Mauriss, an American television executive, who made a £350m bid to buy Newcastle from Ashley, comes up with an offer.