Saudis consolidate their grip on Newcastle as Staveley steps away

July 11 – Saudi Arabian control of Newcastle United is set to intensify after it was announced that co-owners Amanda Staveley (pictured) and Mehrdad Ghodoussi are stepping aside.

Staveley Cantervale Holdings acquired a 10% stake in Newcastle when they helped to orchestrate the Saudi Arabian backed £305 million takeover of the club in 2021.

Saudi Arabia’s Public Investment Fund took an 80% stake and Jamie Reuben’s RB Sports & Media the remaining 10%.

Staveley’s stake was later reduced to 6% and then 5.7% with Reuben’s share increasing to 14.3%.

According to various reports, Staveley and her husband Ghodoussi will sell their remaining stake in the club to one or both of PIF and RB Sports & Media

Despite her minority stake, Staveley has been a key figure behind the scenes at Newcastle and has been responsible for the running of the club alongside Ghodoussi.

She has been the public face of the Saudi owners but the latest news will bring her and her husband’s official involvement to an end. Chairman Yasir Al-Rumayyan is reportedly now expected to run the club.

Newcastle have been transformed since the takeover and despite missing out on European football, they finished seventh last season and are likely to challenge for honours in the next campaign.

Contact the writer of this story at moc.l1720692360labto1720692360ofdlr1720692360owedi1720692360sni@w1720692360ahsra1720692360w.wer1720692360dna1720692360

 

Source link : https://www.insideworldfootball.com/2024/07/11/saudis-consolidate-grip-newcastle-staveley-steps-away/

Author : Paul Nicholson

Publish date : 2024-07-11 10:05:15

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