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News
PIF set to strike £17m off-pitch deal straight after Amanda Staveley’s Newcastle exit
Newcastle United owners the Saudi Public Investment Fund are set to strike a deal worth £18m to tighten their grip on the club following Amanda Staveley’s exit.
It emerged yesterday that Staveley, the public face of PIF’s £305m takeover back in October 2021, would leave the club alongside husband an investment partner Mehrdad Ghodoussi.
The financier’s exit has reportedly shocked the squad, who it appears were blindsided by the news.
Staveley featured prominently in last year’s Amazon documentary about the club’s battle with Profit and Sustainability Rules (formerly Financial Fair Play, or FFP).
The struggle to unlock the near-limitless wealth of PIF has characterised her time at St James’ Park.
As well a being on the board of directors, Staveley also owns a 5.7 per cent stake in the club.
Her equity is now central to the question of what will happen behind the scenes following her exit.
Amanda Staveley to sell Newcastle stake
As reported by The , Staveley and Ghodoussi will sell their stake in the club.
However, that is far as the details goes. It is not yet known whether the 5.7 per cent stake will be bought by PIF or minority shareholders the Reuben Brothers.
Staveley initially took a 10 per cent stake for brokering the takeover between PIF, the Reuben Brothers and former Newcastle owner Mike Ashley.
That was later diluted to six per cent and then finally, as confirmed by a Companies House filing earlier this year, 5.7 per cent.
Based on the original takeover value of £305m, a 5.7 per cent stake would be worth £17.4m.
In reality, unless there exists a clause that stipulated that any intra-group share trades would be done at a set price, Staveley and Ghodoussi would likely be able to demand an even higher figure.
READ MORE NEWCASTLE FINANCE NEWS: Newcastle United set for ‘£255m budget’ amid PSR twist
TBR Analysis: Why is Staveley leaving Newcastle?
Only a few weeks ago, Staveley responded to rumours of her stepping down due to a Companies House reshuffle, stating the changes were merely administrative and she was committed for the long term.
It is not known which party was the driving force behind this dramatic alteration of that stance.
Perhaps significantly, she was recently involved in a bankruptcy court case at the High Court relating to an alleged £35m unpaid debt in 2008.
It is hard to imagine that PIF would be keen to see her leave given Newcastle’s success under her stewardship, both in the commercial department and on the pitch.
However, she did face some criticism relating to their handling of the madcap dash to meet the Premier League’s PSR threshold before the 30th June deadline.