Saudi Arabia’s PIF have increased their shareholding in Newcastle following confirmation that Amanda Staveley has stepped down.
Staveley and her husband Mehrdad Ghodoussi have sold their shares and will step away from the club after almost three years at the club and playing a key role in their recent success.
After buying the club from Mike Ashley for £300million in 2021, PIF bought an 80 per cent share in the Magpies.
As part of that deal, Staveley and husband Ghodoussi acquired a 10 per cent stake in Newcastle, while the Reuben family also purchased 10 per cent.
However Newcastle have now confirmed the new shareholding in the Premier League giants.
A club statement said: “Newcastle United today announces that an agreement has been reached to change the club’s ownership structure.
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“PIF and RB Sports & Media will increase their shareholdings in Newcastle United, as part of the long-term plan to develop the club and make it a consistently credible competitor in domestic and European competitions.
“As part of this structural change, PIF and RB Sports & Media will together acquire PCP Capital Partners’ shareholding in the club and Amanda Staveley will step down from all her positions with Newcastle United.
“Following this, the new shareholding structure will see PIF control around 85% and RB Sports & Media holding the remaining 15% stake in the club. These structural changes are expected to be completed during July 2024.
“PIF, RB Sports & Media and the board of Newcastle United would like to thank Amanda Staveley and Mehrdad Ghodoussi for the key role that they played in the acquisition of the club and their dedication to developing the framework for long-term success over the past two and a half years.”
With Staveley front and centre, Newcastle went from 19th position to avoiding relegation in their first season at the club, before guiding Newcastle into the Champions League in their second year.
Last season they finished seventh in the Premier League under Eddie Howe, narrowly missing out on a return to European competition.
News Summary:
- Saudi Arabian PIF increase stake in Newcastle as Amanda Staveley steps down
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