The real reason they backed out was over some broadcasting deal fiasco
The Qatari who run the broadcasting rights for alot of gobal football sports, did not like a Saudi state conglomerate being legimitized by owning an EPL club, when the same Saudis are undermining Qataris tv sports rights, by directly using and promoting pirate tv in Saudi arabia (and close by ally nations), directly to hurt the bottom line of the Qatar tv broadcasts. It was basically a regional power play, and Qatar won out in pressurring the right points to stop it, because they are sponsoring and enriching the right hands.
Juventus was actually directly effected by this too, remember when we played in Saudi Arabia for super cup? They threatened Serie A/FIGC and us with less money&revoking sponsors, for going to Saudi arabia for the game, when they in outright conflict about the tv rights they own etc.