Newcastle United director Amanda Staveley says the club's owners decided to invest in the Magpies over the likes of Chelsea, Liverpool and Tottenham because it was cheaper.
Staveley's consortium, partnered with the Public Investment Fund (PIF) of Saudi Arabia, purchased Newcastle in October 2021, paying around £300million, and she explained that one of the key reasons for doing so was so more money would be left over to invest in the club than if they had bought a more expensive alternative.
Speaking at the Financial Times Business of Football Summit, Staveley also pointed to the fans as a driving force behind deciding to buy the club.
"I think if we look specifically at Newcastle, we were very clear that prior to buying the club, we wanted a club with a very passionate fanbase," she said. "But we also wanted a club that we could buy affordably, because we're also partners with PIF and they are, effectively, a pension fund, managing money for future generations.
"So we wanted something that was very sustainable, and that we could build. We didn't go for the wonderful Tottenham and Chelsea and Liverpool and obviously, everybody knows I was a massive Liverpool fan.
"We tried to buy Liverpool, and when we walked into the Newcastle game, we said 'why spend x billion when you can actually spend 300 and some million and put in?' I think we've put in £200+ [million] to date of new money since we bought the club. We had a particular business plan based on a five, 10, 15-year timeline.
"Critical to that plan was making sure we had the right partners...PIF are very long term investors."
Staveley also explained why it is unlikely that the PIF would also look to invest in another Premier League club, despite previous links to Manchester United.
"Mehrdad [Ghodoussi, co-owner and Staveley's husband] and I are not wealthy," she said.
"Jamie [Reuben, co-owner] obviously is an extraordinarily wealthy gentleman, we're the poor partner, but that helps govern a lot of the decisions – so there's no scenario where Saudi Arabia will decide to sell Newcastle to buy one of the mega clubs like Manchester United."
Staveley spoke about the challenges since arriving at St. James' Park, including in player recruitment where the owners are mindful about what head coach Eddie Howe wants for his team.
"If I did it all again. I think we should have probably brought in more people more quickly," she said. "Players or staff... the players we had to be just very careful and analytical on everything we did and we still do that.
"Because we have an FFP budget we keep to... that guided a lot of our transfer policy but we couldn't afford to have a dud player. And so we had to make sure that we built at the back so that we [could] start to play the football that Eddie wants to play, this fantastic pressing football that we love and exciting attacking football.
"But to do that we needed to make sure that we could really strengthen because we had, I think, the weakest defence in the whole league, and now we have one of the strongest. And that was really important.
"So we always want more players. But the problem is, especially when you're running a football club, you don't really want to lose the players that you've worked with, and Eddie's the same, and so it's really difficult. So we've got to do that."
Football rumours: Arsenal keen on signing Alexander Isak and Michael Olise
The Guardian reports that Arsenal are considering bringing in a striker and winger this summer, with Newcastle forward Alexander Isak and Crystal Palace winger Michael Olise among their targets.
Germany boss Julian Nagelsmann has managerial options outside of Bayern Munich and will make a decision in the next week or so, his agent says via the Metro.
Ex-Liverpool and Everton boss Rafael Benitez will take over as manager at Sao Paulo, less than month after he was sacked by Celta Vigo, claims The Sun.
Chelsea are preparing for offers from Liverpool and Ligue 1 outfit Paris St Germain for England international defender Levi Colwill.
Social media round-upPlayers to watchBenjamin Sesko: Chelsea and Manchester United are monitoring the RB Leipzig forward, who has a 50 million euro (£42.8 million) release clause, says Ben Jacobs.
Serge Gnabry: Tottenham are interested in the former Arsenal forward, with Bayern Munich willing to sell the Germany international, reports Football Insider.
On this day in 2021: Spurs sack Jose Mourinho days before Carabao Cup final
Jose Mourinho was sacked as manager of Tottenham on this day in 2021, less than a week before he was due to lead them out for the Carabao Cup final.
Spurs’ Premier League form was what ultimately cost the Portuguese his job, with his last match in charge a 2-2 draw with Everton which left Tottenham seventh, five points off the Champions League places and with just one win from their last five league games.
Mourinho’s dismissal after just 17 months at the helm was announced hours after Tottenham had confirmed they intended to join a breakaway European Super League, plans that were swiftly aborted after fans’ backlash, although that was unrelated to the Portuguese’s axing.
The 58-year-old was denied the chance of delivering the club’s first piece of silverware in 13 years, with academy coach Ryan Mason put in caretaker charge as Tottenham lost 1-0 to Manchester City in the EFL Cup showpiece.
Spurs striker Harry Kane, whose form that season had been a bright spot with 47 goal contributions in 43 games, wrote on Twitter: “Thank you for everything Boss. A pleasure to have worked together. I wish you all the best for your next chapter.”
Tottenham chairman Daniel Levy spoke of his regret following Mourinho’s departure, having long coveted the former Chelsea and Real Madrid boss.
Levy said on the club’s official website: “Jose and his coaching staff have been with us through some of our most challenging times as a club.
“Jose is a true professional who showed enormous resilience during the (Covid-19) pandemic. On a personal level I have enjoyed working with him and regret that things have not worked out as we both had envisaged.
“He will always be welcome here and we should like to thank him and his coaching staff for their contribution.”
Mason remained steward until the end of the season before making way for Mourinho’s fellow Portuguese Nuno Espirito Santo, who had a disappointing four-month spell in charge
Jurgen Klopp accepts lack of threat cost Liverpool dear in European exit
Liverpool manager Jurgen Klopp accepted their lack of goal threat failed to put enough pressure on Atalanta to help turn their Europa League quarter-final back in their favour.
Mohamed Salah’s seventh-minute penalty had raised hopes of a Barcelona 2019-style comeback but the Egypt international missed a relatively straightforward lob to make it 2-0 towards the end of the first half and they faded badly after the break as they exited the competition 3-1 on aggregate.
That meant for only the third time in the 21st century, England have no teams in the semi-finals of the Champions League or Europa League/UEFA Cup.
“We didn’t lose the tie tonight, we lost it at home,” Klopp said after a 3-0 first-leg defeat proved decisive.
“It’s very easy to congratulate Atalanta because they deserved to go through. When you win a tie against us 3-1 in especially this way you deserve it absolutely.
“But I loved our game, especially the start. I loved the commitment, desire and power we developed in this game but it was clear we had better score from time to time otherwise it could be tricky over 90 minutes.
“The second goal could have helped a little bit. We have to create a little bit more than we did in the first half as it’s clear you need a result to help destabilise the opponent.
“If you have a second goal it’s a tricky one as the next goal is extra time but we didn’t get to that point and we will never really know how that would have looked.
“Disappointed we didn’t go through but not frustrated or angry. If you don’t deserve it, it’s all good.”
Salah has looked well short of his clinical best since returning from almost two months out with a hamstring problem.
Even though he has scored six in 11 game since he came back two of those have been penalties and he is squandering more chances he would normally be expected to take.
“I’m not particularly concerned. That’s what strikers do. That’s how it it is. We have to go through it, he has to go through it,” added Klopp.
“He is one of most experienced players in the squad. That’s pretty much all.
“It’s not that Mo didn’t miss chances before in his life, that’s part of the game. The penalty was super convincing, a super penalty then the next chance that was unlucky, but it’s not the first time has has missed chances like that.
“I won’t make a big story of it. I’m not particularly concerned.”
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