(Bloomberg) -- Amanda Staveley is set to step aside from her role at Premier League football team Newcastle United, nearly three years after leading a Saudi-led takeover.
Staveley was first appointed as director of Newcastle United in Oct. 2021, following its £305 million ($391 million) takeover from British retail magnate Mike Ashley.
Staveley is likely to sell her shareholding to existing owners the Public Investment Fund and the Reuben Brothers, according to a person familiar with the situation. Staveley was granted about 10% holding in the team as part of the takeover, which has since been reduced to about 6%.
A representative for Newcastle United could not be reached for comment.
Staveley has been a long-time adviser to Middle Eastern investors via her firm PCP Capital Partners, most recently being involved in the ongoing deal to invest in a entity linked to the PGA Tour.
Under her tenure at Newcastle United, the team qualified for the lucrative Champions League and reached the final of the Carabao Cup at Wembley. Last season it disappointed by missing out on European qualification, finishing in seventh place.
Staveley’s been a major presence at the club, anchoring a documentary about the club and enthusiastically backing the women’s team which has drawn attendances of over 20,000 to St James’ Park. However, the club has recently hired a new sporting director, and has now completed a number of corporate hires.
During her time at Newcastle, Staveley has spoken out about the team’s frustration at not being able to spend money more freely, as the Premier League tries to keep a cap on excessive spending.
“You’ve got to remember we’re running an entertainment business,” Staveley remarked at a Bloomberg event earlier this year. “We have forgotten we have to grow this business,” she said, adding “that’s not easy” in the current climate, given all the restrictions.
Staveley has also been battling a bankruptcy claim from Greek shipping tycoon Victor Restis, who this year won a £3.4 million UK legal case over a 2008 investment. Staveley is appealing the ruling.
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