The takeover of Newcastle United appears off after the Saudi Arabian consortium behind the £300m deal pulled out this week.

The mood on Tyneside can be summed up perfectly by looking at how many signatures have been added to a petition calling for an investigation into the Premier League.

Over 50,000 supporters have signed the petition at the time of writing, showing how frustrated Newcastle fans are right now.

The Premier League owners' and directors' test is designed to establish whether incoming owners are fit and proper to run the club they are attempting to buy.

However, 17 weeks into the process, top flight chiefs still hadn't provided an answer - leading to the Saudi bid being withdrawn.

The £300m takeover was called off earlier this week, which Shearer described as 'disappointing'
The £300m takeover was called off earlier this week, which Alan Shearer described as 'disappointing'

Issues over piracy, human rights, opposition from other clubs and other factors were at play.

But the Premier League continue to remain silent, offering no comment on the situation.

A Twitter account named @NufctakeoverP set up the petition, and hopes for answers.

"There was a lot of news around the takeover before they pulled out about outside influences," they told the Chronicle.

Saudi Arabia's crown prince Mohammad bin Salman is at the centre of the £300m Newcastle takeover

"I just feel there's no harm in having an investigation in place. If there's nothing there, I think that will put a lot of Newcastle fans minds at ease, that they haven't almost been targeted.

"But a lot of stuff that came up around the last four months, I think it creates a lot of doubt over how the whole thing has been handled.

"I think there should be an investigation to see if there's any foul play.

"I'd seen a lot of petitions in recent months start and fail.

"It's not done in anger or to attack anyone, it's for clarity and confirmation that there was nothing untoward at play.

"The main purpose of it is to gain clarity over the takeover bid."

And the deal now depends on Premier League chief executive Richard Masters
The deal depended on Premier League chief executive Richard Masters

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The bid being withdrawn this week rocked Newcastle fans and even club chiefs, who had no idea the Saudis were preparing to pull out.

In a statement, those behind the bid announced: "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."