By Lehlohonolo Lehana.
Newcastle United have confirmed the immediate departures of minority shareholders Amanda Staveley and Mehrdad Ghodoussi on Friday.
Staveley and Ghodoussi will stand down from all club positions, and another board appointment expected to be made in due course.
A club statement read: “Newcastle United Football Club today announces that an agreement has been reached to change its ownership structure.”
“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,” the statement said.
“As part of this structural change, PIF and RB Sports and Media will together acquire PCP Capital Partners’ shareholding in the club and Amanda Staveley will step down from all her positions with Newcastle United.”
“Following this, the new shareholding structure will see PIF control around 85% and RB Sports & Media holding the remaining 15% stake in the club. These structural changes are expected to be completed during July 2024.
“PIF, RB Sports & Media and the board of Newcastle United would like to thank Amanda Staveley and Mehrdad Ghodoussi for the key role that 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.”
Newcastle chairman Yasir Al-Rumayyan, said: “Amanda and Mehrdad will forever have our tremendous thanks and well-wishes as they move on to focus on their other business interests.
“We have achieved so much together since 2021, including achieving Champions League football in our first full season as stewards of this incredible club.”
Staveley said: “Newcastle United is such a special, unique club and being a co-owner of Newcastle United has been an honour.
“Mehrdad and I have loved being part of this club and community and are extremely proud of the progress Newcastle United has made in recent years.
“We are grateful to have played our part in setting up the club for even more future success. We will remain fans for life.”
Newcastle finished fourth in the Premier League in 2022-23 to qualify for the Champions League and also reached the League Cup final.