The Belgravia Group have announced to the Stock Exchange that they will not be making an offer to buy Newcastle.
The Jersey-based group had been negotiating a possible takeover for a number of months, but they have have revealed they were unable to agree a deal with the Tyneside club.
A statement read: “Further to the announcement made by Belgravia on August 21 that it was examining the potential opportunity of acquiring Newcastle, Belgravia today announces it no longer intends to make an offer for Newcastle.
“Despite lengthy and protracted negotiations, Belgravia has been unable to agree a price and transaction structure, which it feels would have been in the best interests of those involved, as well as being in the best interests of the football club and its supporters.”
However, the group could still return to the table if the situation changes.
The statement added: “Belgravia reserves the right to announce an offer or possible offer or make or participate in an offer or possible offer for Newcastle and/or take any other action which would otherwise be restricted under rule 2.8 of the City code within the next six months, in the event that an agreement or recommendation from the board of Newcastle is forthcoming or there is an announcement by a third party of an offer or there is a material change in circumstances.”
The Belgravia Group are the second group to pull out of takeover talks for Newcastle after The St James’ Park Group, withdrew their interest last month.