The Newcastle United club owners have been Saudi Arabia’s Public Investment Fund (PIF), the Reuben brothers and since 2021. They bought the Magpies from Mike Ashley after 14 years. Amanda Staveley was originally part of the Saudi-backed takeover but left the club in July 2024.
The PIF are now the majority owners in the Premier League outfit after securing 80% of the shares in October 2021. The Reuben brothers, David and Simon, and Staveley, meanwhile, took control of 10% of the Toon respectively. Staveley also moved under the name of her company, PCP Capital Partners.
When did the PIF become the Newcastle United club owners?
Ashley sold Newcastle for £305 million in October 2021 to the PIF, Staveley and the Reuben Brothers. The Premier League rubber-stamped the consortium’s takeover after receiving legally binding documents that ensured the PIF is an entirely separate entity from Saudi Arabia’s rulers.
The takeover was an arduous process as the Premier League targeted assurances that Saudi Arabia’s rulers would not interfere in the running of Newcastle. It also proved a hugely controversial takeover as Amnesty International extensively condemned the Middle Eastern nation for its dire human rights record.
A selection of Newcastle fans also opposed the Saudi-backed ownership of the club with supporters group NUFC Fans Against Sportswashing often protesting against the takeover.
Many Newcastle fans celebrated the Saudi-backed takeover after the PIF, Staveley and the Reuben brothers replaced Ashley as the club’s owners too however. The Sports Direct magnate had owned the club since May 2007 when he purchased Freddy Shepherd and Sir John Hall’s shares in the Magpies for £134 million.
Ashley did not carry out any due diligence before buying the Toon only to then realise the club was £100m in debt. And while his tenure as the owner started with a lot of jubilation among fans, it quickly turned sour. Contact and his presence at Newcastle’s stadium, St James’ Park, also became limited.
What have Newcastle won since the PIF became their owners?
Saudi Arabia’s PIF, the Reuben Brothers and Staveley became the owners of Newcastle from Ashley in October 2021, with the club sitting 19th in the Premier League table. The Magpies had not won in their opening seven fixtures of the season under Steve Bruce. The Toon had also only scored eight goals.
Newcastle had not finished a top-flight campaign in the top half of the table since finishing in 10th in 2017/18. So, the Saudi-backed consortium made sacking Bruce one of their first objectives in October 2021. They quickly turned to name Eddie Howe as their new manager in November 2021.
Howe initially joined Newcastle on a contract running until June 2024, but later extended his deal in August 2022. The PIF, Staveley and the Reuben brothers acknowledged his instant success, having guided the club to 11th place, before taking them way up to fourth and into the UEFA Champions League in his second season in charge.
The Toon also reached the English Football League Cup (EFL Cup) final in February 2022 under Howe but lost to Manchester United.
Newcastle’s trophy history has been sparse in recent years, with the club having last played a major final in 1999.
The Magpies had not lifted a major title since the 1968-69 Inter-Cities Fairs Cup, but that long wait finally came to an end in 2025.
Newcastle returned to the Carabao Cup final and defeated Liverpool at Wembley 2-1 thanks to goals from Dan Burn and Alexander Isak. It sparked a week’s worth of wild celebrations throughout the city that will go down in history.
What other sports franchises does the PIF own?
The PIF has invested in projects around the world alongside its ownership of Newcastle. It also has a stake in Babylon Health, Lucid Motors, Uber and the Russian Direct Investment Fund, per the official PIF website, among others. It also helped to launch the breakaway golf series, LIV Golf, in 2022.
How much is the PIF worth?
According to the Sovereign Wealth Fund Institute, the Saudi Arabia Public Investment Fund (PIF) has a net worth $607.5 billion (£486.5 billion). It lists the PIF as the sixth-most valuable sovereign wealth fund in the world. The PIF is also the third-most valuable sovereign wealth fund from a Middle East country.
Meanwhile, the Reuben Brothers are reportedly worth of £22.25 billion as of May 2022. It marked an increase of £800 million on their 2021 net worth with the family’s asset value mostly coming from property and the internet. David’s son, Jamie, is also a co-owner and is a director of Newcastle.
As for Staveley, her net worth was reportedly £110 million at the time of her becoming one of the co-owners of Newcastle. Although she later admitted in High Court documents in February 2022, that she borrowed £30.5 million to help fund her 10% stake in the St James’ Park natives.
Staveley has since left Newcastle, leaving the club in July 2024 three years after becoming the face of the PIF takeover.
