Saudi Arabia's PIF increases Newcastle stake as Amanda Staveley steps down

Club's new shareholding structure will see PIF control about 85 per cent while RB Sports and Media hold the remaining 15 per cent

Newcastle United chairman Yasir Al-Rumayyan and director Amanda Staveley during a match in 2021. PA

Saudi Arabia's Public Investment Fund (PIF) has increased its stake in Newcastle United as the football club confirmed the departures of minority shareholders Amanda Staveley and Mehrdad Ghodoussi.

The club said the move was part of a 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 and Media will together acquire PCP Capital Partners' shareholding in the club and Amanda Staveley will step down from all her positions with Newcastle United,” it said.

Newcastle's new shareholding structure will see PIF control about 85 per cent while RB Sports and Media hold the remaining 15 per cent.

Ms Staveley was instrumental in brokering the £300 million ($385 million) deal that allowed PIF to buy 80 per cent of Newcastle from former owner Mike Ashley in October 2021.

Along with her husband Mr Ghodoussi, Ms Staveley initially held a 10 per cent stake in Newcastle.

Ms Staveley and Mr Ghodoussi's shareholding was diluted to 6 per cent due to recent equity raisings which the pair have not participated in.

Both Ms Staveley and Mr Ghodoussi were heavily involved in running Newcastle after the takeover and oversaw the appointment of Eddie Howe as manager in November 2021.

Newcastle finished fourth in the Premier League in 2022-23 to qualify for the Champions League and also reached the League Cup final.

They fared less well last season, crashing out of the Champions League in the group stage and finishing a disappointing seventh in the Premier League.

In a departing statement, Ms Staveley said that her time at Newcastle has been “an honour”.

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“Mehrdad and I have loved being part of this club and community and are extremely proud of the progress Newcastle United has made in recent years,” she said.

“We are grateful to have played our part in setting up the club for even more future success. We will remain fans for life.”

Yasir Al-Rumayyan, chairman of Newcastle United, said: “Amanda and Mehrdad will forever have our tremendous thanks and well-wishes as they move on to focus on their other business interests.

“We have achieved so much together since 2021, including achieving Champions League football in our first full season as stewards of this incredible club.

“The ownership group, together with CEO Darren Eales and the club's executive team, will continue to build on these foundations for long-term, sustainable success for the team and our amazing fans, and we are excited about the future prospects for Newcastle United.”