Newcastle United have announced that co-owners Amanda Staveley and Mehrdad Ghodoussi have left the club after three years at St James' Park.
Staveley and husband Ghodoussi were rewarded with a 10% stake in Newcastle after orchestrating the Saudi Arabia Public Investment Fund's (PIF) £305m purchase of the club in October 2021.
The arrival of both Staveley and Ghodoussi was met with unbridled joy on Tyneside, as Magpies supporters got to see the back of former owner Mike Ashley after 14 turbulent years of his stewardship.
Working alongside the Reuben family, who also bought a 10% stake, Staveley and Ghodoussi were instrumental in the day-to-day running of Newcastle, overseeing the appointment of manager Eddie Howe and playing a key role in recruiting a number of high-profile signings for big money.
Both Bruno Guimaraes and Kieran Trippier were among those to arrive during their first transfer window, in which Newcastle spent just over £90m on new players - more than any other club in Europe - while Alexander Isak was signed for a club-record £63m in the summer of 2022.
Newcastle were languishing in 19th place in the Premier League and were embroiled in a relegation battle when Staveley and Ghodoussi arrived at St James' Park, but Howe steered the club away from danger and up to 11th place in the 2021-22 season.
The Magpies then secured Champions League football for the first time in 20 years the following campaign courtesy of a fourth-placed league finish, while they also reached the 2023 EFL Cup final at Wembley Stadium, losing 2-0 to Manchester United.
Staveley stated shortly after her arrival that she wanted to help Newcastle win the Premier League within the next five to 10 years, but that will now not happen as she and Ghodoussi have departed the club as part of an ownership restructure.
A statement from Newcastle's official website read: "Newcastle United Football Club today announces that an agreement has been reached to change its ownership structure.
"PIF and RB Sports & 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.
"As part of this structural change, PIF and RB Sports & 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."
Staveley: "We will remain fans for life"
Commenting on her exit from the 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.
"Our ambition has always been aligned to the brilliant fans of this club - to create consistently successful teams that regularly compete for major trophies and generate pride across the globe.
"We are grateful to have played our part in setting up the club for even more future success. We will remain fans for life."
In response to the announcement, Newcastle chairman Yasir Al-Rumayyan added: "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.
"The ownership group, together with CEO Darren Eales and the club's executive team, will continue to build on these foundations for long-term, sustainable success for the team and our amazing fans, and we are excited about the future prospects for Newcastle United."
The departure of Staveley and Ghodoussi comes just hours after Newcastle confirmed the appointment of James Bunce as the club's new performance director.
Bunce is set to work closely with new sporting director Paul Mitchell, who was appointed into his role just over a week ago following the departure of Dan Ashworth. body check tags ::
