Newcastle United bids adieu to its minority shareholders, Amanda Staveley and Mehrdad Ghodoussi, the dynamic duo who supposedly played a pivotal role in the club’s Saudi Arabian takeover. Staveley, with her impressive knack for negotiations, helped Saudi Arabia’s Public Investment Fund (PIF) snag 80% of the club in October 2021. Her 10% stake, shared with her husband, Ghodoussi, seemed like a ticket to football glory.
Both were lauded for their hands-on approach post-takeover, overseeing the appointment of Eddie Howe as manager in November 2021. Under their watchful eye, Newcastle managed a miraculous fourth-place finish in the Premier League in 2022-23, securing a coveted Champions League spot and making it to the League Cup final. Yet, last season, the fairy tale hit a snag. The Magpies stumbled out of the Champions League in the group stage and ended up a dismal seventh in the Premier League.
As if things couldn’t get worse, their stake dwindled to a measly six percent due to new equity raisings they didn’t partake in. Apparently, diluting influence is part of the master plan.
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“PIF and RB Sports and 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,” read the official Newcastle statement. Translation: We’re tightening our grip and moving on from the middlemen.
Amanda Staveley, who championed the controversial £300 million Saudi takeover from the much-maligned Mike Ashley, managed to push the deal over the finish line, despite the brouhaha over Saudi Arabia’s human rights record. Assurance was given that there would be no direct Saudi state involvement, allowing the Premier League to give the green light.
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Now, with PIF set to control around 85% and RB Sports and Media holding the remaining 15%, Newcastle’s new structure is a bold step towards becoming a European powerhouse. Staveley and Ghodoussi are out, but their legacy? Only time will tell if their departure is the fresh start Newcastle needs or just another twist in the club’s rollercoaster saga.
