PIF’s ownership of Newcastle United can be divided into the Amanda Staveley era and the post-Staveley era.
It was Amanda Staveley who became the public face of the £305m takeover deal in 2021, having brokered it on behalf of PIF and the Reuben Brothers, as well as taking a six per cent stake alongside husband Mehrdad Ghodoussi via PCP Capital Partners.
She was a monumentally popular, tifo-worthy figure at St James’ Park. That was true among players as much as it was the fanbase, with senior dressing room figures said to have been shocked when, in July last year, Staveley abruptly left Newcastle.
We have never been quite able to get to the bottom of exactly why she resigned as a director, although it is clear that she was jumped before she was pushed.
Former Newcastle director Amanda Staveley looks on at NFL match at Tottenham Hotspur Stadium
Photo by Michael Steele/Getty Images
Former CEO Darren Eales was said to have felt she was too involved with the club on a day-to-day basis, while some at the club weren’t happy with recruitment processes under Staveley’s stewardship.
Whatever the story, both Staveley and Ghodoussi have retained the support of fans, and their relationship with the club is intact.
Newcastle were instantly ahead of schedule on the pitch under them. And even if their steering of the club post-takeover behind the scenes wasn’t perfect, it was infinitely better than what came before them.
“Newcastle still have a legacy issue in the sense that in 15 years of ownership under Mike Ashley, there was no growth in commercial income,” Liverpool University football finance lecturer Kieran Maguire said in exclusive conversation with Geordie Boot Boys.
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“Compare that to clubs you might historically have benchmarked Newcastle against, such as Man City and Spurs, and you see that Ashley didn’t have a lot of focus on it.”
A statue of Former Newcastle United Player, Jackie Milburn is seen as a picture of Former Newcastle United Owner, Mike Ashley is seen on the ball prior to the Premier League match between Newcastle United and Tottenham Hotspur at St. James Park
Photo by Stu Forster/Getty Images
Annual commercial income – that’s revenue from sponsorship, retail, events and other non-football streams – exploded on PCP Capital’s watch, rising from £28m in 2021-22 to £86m at the last count.
And when the next set of accounts are released in the spring, don’t be surprised if Newcastle become the first club outside the so-called Big Six to break the £100m barrier.
That commercial campaign, alongside the steadily advancing plans to build a new stadium adjacent to St James’ Park, are all part of new CEO David Hopkinson’s plan to add £100m to the club’s annual balance sheet.
One of the most headline-grabbing elements of that masterplan so far is the decision to replace Peter Silverstone as chief commercial officer. Silverstone, who is now joining Juventus, was seen as a coup when he first joined the club from the MLS’s Atlanta United in October 2022.
And while we await the accounts for 2024-25, it’s hard to argue that the commercial growth achieved under him has been nothing short of brilliant.
So why has he not continued his relationship with the club?
🤝 #NUFC are delighted to announce the appointment of Peter Silverstone as the club's new Chief Commercial Officer.
Welcome to Newcastle United, Peter! ⚫️⚪️
— Newcastle United (@NUFC) October 17, 2022
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“When someone new comes into the club, it comes down to relationship,” said Maguire, commenting on the shakeup behind the scenes.
“If the relationship isn’t there in terms of goals and strategies, it makes sense for one of those parties to move on. That isn’t a criticism of either party. Sometimes, you just aren’t geared to work with each other.
“One of the reasons Amanda Staveley left was because she wanted more investment in the women’s team, for example. Sometimes the town isn’t big enough for the both of us.”