11 January 2024 , 22:31
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The ownership situation at Newcastle United has changed.
The Public Investment Fund of Saudi Arabia still holds 80 percent of the club shares, but the remaining 20 percent has a new split. When the club was bought, Amanda Staveley took 10 percent and the Reuben family of property developers held 10 percent.
The ownership group has pumped in £127m of “new equity investment” since their takeover from Mike Ashley, with 80 percent coming from the Saudis. But the club have confirmed that the 10 percent stakes have changed, meaning Staveley or the Reubens have reduced or increased their slice.
The club accounts also reveal that Staveley was handed £659,000 of club funds for legal fees on August 31 last year. She was also given £600,000 on November 7, 2022 for legal fees.
Club sources refused to say what this was for, adding it was a matter for Staveley. The accounts say the sums were loans and will be repaid. Cantervale, Staveley’s company was paid £312,000 for advisory services in the year to July 2023. It was also paid £937,500 in 2022.
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The accounts also state: “The Group has also paid £625,000 to Cantervale Limited during the year which will be refunded subsequent to the balance sheet date.”
Amanda Staveley and Mehrdad Ghodoussi are co-owners of Newcastle (Getty Images)Where will Newcastle finish in the Premier League this season? Share your predictions in the comments below
Elsewhere in the club's accounts, it was revealed that the Magpies have lost £150m over the last two years including £73.4m in the financial year to July. Despite being confident they will not break the Premier League's Profit and Sustainability rules, the Magpies have admitted they may have to cash-in on one of their stars to re-balance the books.
Asked if they could be tempted to sell, chief executive Darren Eales admitted: "It’s difficult to say specifically on certain players, but I can say that if we’re going to get to where we want to get to, at times it is necessary to trade your players. Any decision we make will always be against the backdrop of the medium to long-term benefit for the club.
“Whether that is because of the contract length of the player in question, the offer is too good to refuse, you need to reload in certain areas, but all of this could make sense to trade that player. It is counter-intuitive and part of the inherent system of PSR that there is an incentive to trade your players if you want to re-invest.”
Newcastle are next in action this weekend. They take on Manchester City at St James' Park on Saturday evening.