Saudi Arabian private equity fund increases stake in Newcastle after Amanda Staveley resigns

Saudi Arabia's PIF has increased its stake in Newcastle following confirmation of Amanda Staveley's resignation.

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 its recent success.

After purchasing the club Mike Ashley In 2021, PIF bought an 80 percent stake in the Magpies for £300 million.

As part of that deal, Staveley and her husband Ghodoussi acquired a 10 percent stake in Newcastle, while the Reuben family also bought 10 percent.

However, Newcastle have now confirmed a new involvement with the Premier League giants.

A statement from the club said: “Newcastle United announces today that an agreement has been reached to change the ownership structure of the club.

“PIF and RB Sports & Media will increase their stakes in Newcastle United as part of a long-term plan to develop the club into a consistent and credible competitor in domestic and European competitions.

“As part of this structural change, PIF and RB Sports & Media will together acquire PCP Capital Partners' stake in the club and Amanda Staveley will step down from all her roles at Newcastle United.

“From now on, the new shareholding structure will see PIF control around 85% and RB Sports & Media the remaining 15% of the club. These structural changes are expected to be completed during July 2024.

“PIF, RB Sports & Media and the Newcastle United Board would like to thank Amanda Staveley and Mehrdad Ghodoussi for the key role 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.”

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With Staveley front and centre, Newcastle went from 19th to avoiding relegation in his first season at the club, before guiding Newcastle to the Champions League in his second year.

Last season they finished seventh in the Premier League under Eddie Howenarrowly missing out on a return to European competition.