A Companies House update validated Newcastle United’s revisions.
Amanda Staveley and Jamie Reuben, Newcastle United co-owners, have resigned as directors of the club’s related companies.
On April 16, firms House revealed that Staveley and Reuben were no longer directors of Newcastle United Football Club Limited, along with 19 other Newcastle-related firms, and that CEO Darren Eales had been appointed in their place.
The changes have left Magpies fans wondering what they signify, although in reality, they have minimal impact on the club’s day-to-day operations. The pair’s resignations are considered to be part of company cleaning and best practice, with many of the subsidiary firms defunct.
Staveley and Reuben are still directors of Newcastle United, serving with non-executive chairman Yasir Al-Rumayaan, chair of the Public Investment Fund of Saudi Arabia, and Abdulmajid Alhagbani and Asmaa Rezeeq.
In October 2021, the Saudi sovereign wealth fund purchased an 80% share in the club through NCUK Investment Limited, while Jamie Reuben’s RB Sports & Media and Staveley’s Cantervale Holdings gained 20% through JV1 Limited.
The shares of RB Sports & Media and Cantervale Holdings were initially equal at 10%, however this has since been amended.
In January, it was disclosed that Staveley’s stake had been decreased to 6%, while Reuben’s increased to 14%. However, the split is now 5.7%/14.3%, as verified by the JV1 Companies House report over the weekend.
According to a graph prepared by Greg Cordell (@gregorypcordell), RB Sports & Media has acquired an additional 7,400,000 shares, bringing their total to 87,337,795 to Cantervale’s 34,457,795. JVI owns 121,580,002 shares in Newcastle, which translates to a 71.7%/28.3% split.
Cordell’s post, approved by football finance specialist Kieran Maguire, stated: “As expected, each filing by JV1 Ltd that surrendered pre-emption rights was housekeeping for past share issuances (10 Feb 2023; 22 Aug 2023; 04 Apr 2024). This also indicates that all 7.4 million shares issued on April 4, 2024 were assigned to RB Sports and Media.
“The total impact on ownership is minimal, but with this recent investment, RB Sports & Media’s interest in JV1 Ltd rose from 69.9% to 71.7%, while Cantervale Holdings’ holding fell from 30.1% to 28.3%.
“Given that JV1 Limited indirectly owns 20% of NUFC, Reuben’s beneficial ownership increased from 14.0% to 14.3% and Staveley’s beneficial ownership decreased from 6.0% to 5.7%.”
Despite Staveley’s diminished share, the Ripon-born financier remains an important player at St James’ Park. Her and husband Mehrdad Ghodoussi continue to oversee the football club’s day-to-day operations.
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