Newcastle United minority owner Amanda Staveley does not believe the Saudis and the Public Investment Fund (PIF) will be leaving the club any time soon despite mounting controversy. Her comments come after other Premier League teams and Amnesty raised questions about ownership of the club.
Newcastle president Yasir al-Rumayyan is officially listed as “a sitting minister of the Saudi government” in recent court documents. This, however, goes against previous assurances that the Saudi state would have no control over the club.
Amnesty has officially called on the Premier League to re-examine PIF’s involvement in Newcastle. “It was always stretching credulity to imagine that the Saudi state was not directing the purchase of Newcastle with the ultimate goal of using the club as a component in its broader sportswear laundering efforts,” said Peter Frankental, director of affairs. funds from Amnesty UK. .
“The Premier League will surely need to re-examine the assurances made about the Saudi authorities’ non-participation in the Newcastle deal, particularly as there is still a Qatari offer for Manchester United currently on the table.”
Staveley believes the Saudis are here to stay in Newcastle amid controversy
Despite the problems, Staveley does not believe PIF will voluntarily leave Newcastle for other companies. “I don’t think so,” said the minority investor. “I can’t speak for PIF but there is a lot of potential in Newcastle. There could be the possibility of a place in the Champions League.”
PIF officially bought an 80% stake in Newcastle in 2021. Staveley currently owns a 10% minority stake in the club. The Magpies have a net spend of around $337 million since the new ownership began buying players during the January 2022 transfer window.
PIF plans to buy other clubs
As well as suggesting the Saudis most likely won’t sell Newcastle, Staveley also suggested they want to expand. The British business executive revealed that the ownership group has explored the purchase of other clubs.
“Obviously we have looked at several clubs. You have to make sure you have the right fit,” Staveley said. “You have to choose your territory correctly, you have to remember that you are working with another fan base in another area. It’s complicated. Multi-club, I think all buyers from any club will look at that multi-club model.”
Many investors in professional soccer currently own multiple teams. In fact, there are currently nine multi-club owners in the Premier League alone. Newcastle’s PIF and Chelsea’s Toddy Boehly could soon increase this figure to 11 in the coming months.
