With the takeover of the club having sat with the Premier League for over 16 weeks, the consortium bidding to take over Newcastle pulled the plug on Thursday.
The Premier League were keen to establish that Newcastle would be independent from the Saudi state and that the state would not interfere in the running of the club.
When the Premier League refused to place a timeline on making a decision over the takeover, the group pulled out of the deal.
However, it is claimed that there remains a slim chance the takeover could be revived.
The Saudi-led group has lost its £17m deposit, which would have been refunded if the Premier League had refused to sign off on the takeover.
American TV businessman Henry Mauriss has been floated as an alternative bidder, but it is claimed he is not a serious rival to buy Newcastle.
Newcastle are set to return for pre-season training on 17th August, ahead of the new Premier League campaign kicking off on 12th September.
