PIF set to strike £17m off-pitch deal straight after Amanda Staveley’s Newcastle exit
PIF set to strike £17m off-pitch deal straight after Amanda Staveley’s Newcastle exit
The Saudi Public Investment Fund,
Newcastle United’s owners, is expected to sign a £18 million
contract to strengthen their ownership of the team in the wake of Amanda Staveley’s departure.
Yesterday, news broke that Staveley, who served as the public face of PIF’s £305 million buyout in October 2021, would be leaving the team along with Mehrdad Ghodoussi, her husband and business partner.
The team was apparently taken aback by the financier’s departure,
as they seemed to be taken off guard by the news.
In the Amazon documentary released last year,
Staveley had a significant role in discussing the
club’s conflict with Profit and
Sustainability Rules (formerly known as Financial Fair Play, or FFP).
Her stay at St. James’ Park has been marked by
the effort to access the almost infinite wealth of PIF.
In addition to serving on the board of directors, Staveley has
a 5.7 percent stake in
cent stake in the club.
Her equity is now central to the question of what
will happen behind the scenes following her exit.
Newcastle interest to be sold by Amanda Staveley
The Athletic has reported that Staveley and Ghodoussi
intend to sell their ownership interest in the team.
But that is all there is to the specifics. It is currently unknown if minority shareholders Reuben Brothers or PIF will purchase the 5.7% holding.
In exchange for mediating the takeover between PIF,
the Reuben Brothers, and former Newcastle owner
Mike Ashley, Staveley originally accepted a 10% interest.
This was subsequently reduced to 6% and, at last, to 5.7%,
as verified by a Companies House file made earlier this year.
Relative to the £305 million buyout price, a 5.7% interest would be
valued at £17.4 million.
In actuality, unless a specific phrase stated otherwise 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.
TBR Analysis: Staveley’s departure from Newcastle?
A few weeks ago, Staveley addressed speculation that she was stepping down as a result of a reorganization at Companies House by saying that the changes were only administrative and that she was committed to the position long-term.
Which party was responsible for this significant change in that viewpoint is unknown.
Most notably, she was recently a party to a High Court bankruptcy action about an alleged £35 million unpaid debt from 2008.
Considering how successful Newcastle has been under her leadership—both on the field and in the commercial department—it is difficult to believe that PIF would be eager to see her go.
She did, however, come under fire for the way they handled the frantic scramble to meet the Premier League’s PSR criteria by the deadline of June 30.
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