Amanda Staveley & Jamie Reuben 'resignations' explained after Newcastle United ownership change

Newcastle United co-owners Amanda Staveley and Jamie Reuben have been removed as directors of companies linked to the club.

Companies House updates issued on April 16 confirmed that Staveley and Reuben were no longer directors of Newcastle United Football Club Limited along with 20 other Newcastle-related companies and the club’s chief executive officer Darren Eales appointed in their place.

The changes got alarm bells ringing amongst supporters on social media as it came just days after Staveley’s share in Newcastle United was diluted to 5.7% while Reuben’s was increased to 14.3%. While Newcastle United Football Club Limited is technically linked to the club, it is a dormant company.

Eales’ appointment is effectively a case of corporate housekeeping as the 21 companies have no tangible assets or other directors and exist to prevent external parties from setting up companies using the Newcastle United name.

Last month, Staveley was ordered by a judge to pay Greek shipping Tycoon Victor Restis £3.4million by April 22 after losing a High Court battle. The Newcastle co-owner has filed an appeal against the ruling which gives Rstis permission to present a bankruptcy petition on or after April 22.

Staveley and Reuben remain listed as directors of Newcastle United Football Company Limited and Newcastle United Limited, which is Newcastle United as we know it. Newcastle chairman and PIF governor Yasir Al Rumayyan, Abdulmajid Alhagbani and Asmaa Rezeeq complete the club’s board of directors.

Newcastle United Football Company Limited is 100% owned by Newcastle United Limited, which owns the 21 dormant companies.

The dormant limited companies Staveley and Reuben have been removed as directors from are: Newcastle United Football Club, Newcastle United Group, Newcastle United Television, Newcastle United Football Club, Newcastle United Telecoms, St James’ Park Newcastle, Newcastle United Publications, Newcastle United Ventures, Newcastle United FC, Newcastle United Promotions, Newcastle United Sportswear, The Football Channel, Newcastle United Enterprises, Newcastle United Sports, NUFC, Newcastle United 1892, Newcastle United Football Club Projects, Newcastle United Entertainment, Newcastle United Catering, Newcastle United Licensing, Newcastle United Employment and Balmbras. A breakdown of Newcastle United’s ownership structure...

This is where things get complicated. Newcastle United Football Club Limited, who own the club, are owned by PZ Newco Limited. NCUK Investment Limited, owned by the Saudi Arabian Public Investment Fund, have an 80% share in PZ Newco while JV1 Limited hold the remaining 20%.

Following the latest share changes confirmed last week, Reuben’s RB Sports & Media Limited own a 71.7% share in JV1 Limited while Staveley’s Cantervale Holdings Limited own the remaining 28.3% - resulting in a 14.3%, 5.7% split in the ownership of Newcastle United.