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Amanda Staveley

(Redirected from PCP Capital Partners)

Amanda Louise Staveley (born 11 April 1973) is a British business executive. She is notable chiefly for her connections with Middle Eastern investors. She helped lead the Saudi consortium take over of Newcastle United. A deal that was completed in October 2021. As of July 12, 2024, Staveley left her role as Director for Newcastle United.

Amanda Staveley
Former Director of Newcastle United
In office
7 October 2021 – 12 July 2024
ChairmanYasir Al-Rumayyan
Preceded byMike Ashley
Succeeded byTBA
Director of PCP Capital Partners
Incumbent
Assumed office
2008
Serving with Mehrdad Ghodoussi
Personal details
Born
Amanda Staveley

(1973-04-11) 11 April 1973 (age 51)
Ripon, England
Spouse
​
(m. 2011)​
OccupationFinancier

In 2008, Staveley played a prominent role in the investment of £7.3 billion in Barclays by the ruling families of Abu Dhabi and Qatar, and by the Qatari sovereign wealth fund.[1]

Staveley's firm, PCP Capital Partners, acted for Sheikh Mansour Bin Zayed Al Nahyan of the Abu Dhabi royal family, who invested £3.5 billion to control 16 percent of the bank. The deal was reported to have earned PCP Capital Partners a commission of £110 million, which, after paying advisers, represented a profit of £40 million.[2][3] Staveley was also involved in Mansour's high-profile purchase of Manchester City in September 2008.[1]

Staveley has also attempted on two occasions to buy a stake in Newcastle United, first in 2017 and again in 2020 as part of a group led by Saudi Arabia's sovereign wealth fund, the Public Investment Fund.[4] The takeover was completed on 7 October 2021, with Staveley owning 10% of the club, the Reuben Brothers owning 10% and Public Investment Fund (PIF), Saudi Arabia's sovereign wealth fund, owning 80%.[5]

Early life and education

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Staveley was born near Ripon in Yorkshire.[6][7][8] She is the daughter of Robert Staveley,[9] a North Yorkshire landowner who founded the Lightwater Valley theme park, where Staveley waitressed as a child; her mother, Lynne, was an occasional model and champion showjumper.[7]

Staveley was educated at Queen Margaret's School, York. As a child, she competed in showjumping and athletics. At the age of 16, Staveley left school and enrolled at a crammer, winning a place to read modern languages at St Catharine's College, Cambridge. As a student, she supplemented her income by working as a model.[9] Staveley abandoned her degree after suffering from stress following the death of her grandfather.[10][6]

Business career

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Early career and creation of Q.ton

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In 1996, Staveley borrowed £180,000 and bought the restaurant, Stocks, in Bottisham between Cambridge and Newmarket. Through the restaurant, Staveley came to know members of Newmarket's racing community, in particular those associated with the Godolphin Racing stables owned by the Al Maktoum family of Dubai, as well as people from Cambridge's high-tech businesses. Through the late 1990s she started dealing in shares and became an active angel investor, especially in dot com enterprises and biotech firms such as Futura Medical.[11]

Staveley closed Stocks and in 2000 opened Q.ton, a £10 million conference centre and facility developed in a joint venture with Trinity College, Cambridge on Cambridge Science Park.[12] Investors in Q.ton were believed to include King Abdullah of Jordan.[13]

Q.ton and EuroTelecom

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In 2000, Staveley sold a 49 per cent share in Q.ton to the telecoms company EuroTelecom for £2 million. Staveley joined the firm as a non-executive director. A few months later, EuroTelecom went out of business in the collapse of the dotcom boom.[12][14] At the time, it was claimed that Q.ton owed EuroTelecom £835,000 and that Staveley had agreed to buy back the company's stake, only for the money not to be forthcoming.[15] Staveley denied having agreed to any payments and hired Kroll Inc. to investigate the members of the EuroTelecom board.[14]

Staveley bought EuroTelecom's stake in Q.ton from the firm's administrator PricewaterhouseCoopers, a deal that led to a discontinued petition of bankruptcy against her when payment was delayed.[14][16] She began raising £35 million from private investors to roll out the Q.ton concept throughout the UK and Europe. However, the company failed. Staveley agreed an Individual Voluntary Arrangement and in 2008 was paying back her creditors, including Barclays.[8]

PCP Capital Partners

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Background

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After the failure of Q.ton, Staveley moved to Dubai,[6] cultivating connections centred on Abu Dhabi, but extending across the Middle East.[7]

In 2008, the Financial Times described her firm, PCP Capital Partners, as really amounting to Staveley and her legal partner, Craig Eadie, and explained that, although based in Mayfair, London,[17] the company acts "via offshore private equity affiliates" as a vehicle for the investment of Middle Eastern money, with Staveley acting as an adviser on those deals.[18]

Barclays

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These contacts brought Staveley to a new level of prominence at the end of 2008 with the investment of Middle Eastern funds in Barclays as the bank sought to recapitalise by raising money privately rather than accept a bail-out from the British government following the financial crisis of that year.[18] Staveley earned a fee of £30 million for her role in the transaction.[19] In 2010, The Daily Telegraph reported that Mansour's disposal of his stake in Barclays had made him a profit of about £2.25 billion.[20]

On 8 June 2020, Staveley's firm filed a £1.5 billion lawsuit against Barclays, claiming that the bank offered her client, Abu Dhabi, "manifestly worse" terms than those offered to Qatar.[21] The Barclays legal team claimed that Staveley inserted herself into the capital raising while Staveley countered that the PCP was not a "facilitator" as Barclays claimed, but rather led the investment syndicate.[22][1] A judgement was reached in February 2021 with Staveley losing the case despite the judge ruling that the bank was "guilty of serious deceit" towards PCP Capital Partners.[23][24][25][26] Judge Waksman’s ruling described Staveley’s deal for Sheikh Mansour as "excellent" and found that Barclays had made false representations to PCP, but dismissed PCP’s claim to compensation. In March 2021, Waksman ruled that Barclays was responsible for its own legal costs as the bank had made a "financial benefit as a result of its fraud".[27][28][29] In April 2021, Staveley launched an appeal against the verdict, which she lost in June 2021.[30][31]

Manchester City and Liverpool

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The Barclays deal followed Sheikh Mansour's £210 million purchase of Manchester City in September of the same year through the Abu Dhabi United Group,[18] a transaction reportedly worth £10 million in commission to PCP Capital Partners.[2] At the same time Staveley was involved in extended negotiations by Sheikh Mohammed bin Rashid Al Maktoum's Dubai International Capital to buy a 49 per cent stake in Liverpool, although the deal, which would have given Staveley a place on the club's board, eventually foundered.[11][32][33]

Takeover of Newcastle United

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Main article: 2021 takeover of Newcastle United

On 20 November 2017, Staveley submitted a bid in the region of £300 million to buy Newcastle United, which failed.[34] In 2020, a new takeover bid, primarily funded by the Saudi Arabian government's sovereign wealth fund (Public Investment Fund), was reported in April 2020. It fell through again on 30 July 2020 as reported by the BBC, The Times and other media.[4][35] A £300 million deal was successfully concluded on 7 October 2021, in which Staveley took a 10% share in Newcastle United, as did the Reuben Brothers, and the Saudi Public Investment Fund took an 80% share.[36]

The takeover sparked condemnation by human rights organizations who characterized the takeover as "sportswashing."[37] The other 19 Premier League clubs condemned the Saudi takeover of Newcastle, stating that it damaged the brand of the Premier League.[38] Staveley defended the takeover, arguing that it was not "sportswashing."[39][40] Staveley has also argued that PIF, which is the Saudi Arabian government's sovereign wealth fund, is a separate entity from the Saudi Arabian government.[41] On 12 July 2024, Staveley and her husband announced they had left Newcastle United and sold their remaining shares in the club which, by this time, had reduced to 6% from the original 10%.[42]

Other deals

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Also in 2008, Staveley fronted a bid by the Qatar Investment Authority to buy the Trillium facilities management business from the Land Securities property group, an offer reportedly totaling £1.1 billion.[8] The bid in the end came to nothing and Trillium was sold to Telereal for £750 million in January 2009.[43]

Later that year, Staveley was involved in an attempt to help finance the $13.5 billion sale of Barclays Global Investors to the US firm BlackRock, offering $2.8 billion of funding in return for a shareholding of 10%, an amount that reportedly included a commitment of Staveley's own money.[44] In June 2009, with details being finalised, BlackRock pulled out of the deal. Press reports at the time[44][45][46] suggested that BlackRock had sought further clarification of the identity of the investors behind the special purpose vehicle created by PCP Capital Partners to handle the offer, although alternative reports claimed that they had always been aware of the conditions of the deal. In the end, BlackRock funded its purchase of BGI from other sources.[46]

In 2010, Staveley was reported to have advised the Qatari property investment company Barwa in their purchase of the Park House site on Oxford Street in London from Land Securities for £250 million, a deal that was said to have earned PCP Capital Partners in the region of £5 million to £7.5 million in fees.[47][48] In March 2012, it was announced that Waterway PCP Properties Ltd, a Middle Eastern private equity group fronted by Staveley, had paid Land Securities £234 million for their Arundel Great Court site on the north bank of the Thames in London.[49][50][51]

Personal life

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Staveley initially hit the tabloid headlines after dating Prince Andrew, Duke of York, in 2003.[6] In October 2011, she married British-Iranian financier Mehrdad Ghodoussi, in a ceremony held at West Wycombe Park in Buckinghamshire.[52] In 2013, she was diagnosed with Huntington's disease.[53] As of 2009, Staveley has lived in Dubai and a house on London's Park Lane.[6]

References

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  1. ^ a b c Martin, Ben (16 June 2020). "Amanda Staveley led Barclays rescue syndicate, court told". The Times. ISSN 0140-0460. Retrieved 29 January 2021.
  2. ^ a b Waples, John. "Golden girl Amanda Staveley paid £40 million by Barclays"[dead link], The Sunday Times (London), 2 November 2008. Retrieved 20 February 2011.
  3. ^ Thompson, James. "Staveley banks a £40 million bonanza for brokering Barclays' Abu Dhabi deal", The Independent (London), 3 November 2008. Retrieved 11 March 2011.
  4. ^ a b Magowan, Alistair (14 April 2020). "Newcastle United £300m takeover close". BBC Sport. Retrieved 29 January 2021.
  5. ^ "PIF, PCP Capital Partners and RB Sports & Media acquire Newcastle United Football Club". Newcastle United. Retrieved 7 October 2020.
  6. ^ a b c d e Robinson, James. "Amanda Staveley: Flying fixer of the Square Mile", The Observer (London), 25 January 2009. Retrieved 20 February 2011.
  7. ^ a b c "Profile: Amanda Staveley"[dead link], The Times (London), 9 November 2008. Retrieved 20 February 2011.
  8. ^ a b c Teather, David. "Interview: Amanda Staveley", The Guardian (London), 7 November 2008. Retrieved 21 February 2011.
  9. ^ a b "Profile: Amanda Staveley, the new Queen of British football", The Daily Telegraph (London), 4 September 2008. Retrieved 20 February 2011.
  10. ^ "Deal maker urges pupils to 'go out and live your dreams'". York Press. 7 July 2020. Retrieved 29 January 2021.
  11. ^ a b Bond, David. "Amanda Staveley fronts DIC's Liverpool bid", The Daily Telegraph (London), 5 March 2008. Retrieved 22 February 2011.
  12. ^ a b Richard Fletcher (26 August 2001). "Staveley regains Q.ton". The Daily Telegraph. Retrieved 20 February 2011.
  13. ^ Waples, John and Box, Dan. "Staveley faces £62,000 bill and bankruptcy"[dead link], The Sunday Times (London), 6 June 2004. Retrieved 20 February 2011.
  14. ^ a b c Richard Fletcher (3 November 2008). "Staveley shifts into the super-entrepreneurs' league with £40m fee". The Daily Telegraph. Retrieved 20 February 2011.
  15. ^ Tomlinson, Heather and Nisse, Jason. "Rescue plan as EuroTelecom intrigue grows"[dead link], The Independent (London), 8 April 2001. Retrieved 21 February 2011.
  16. ^ Richard Fletcher (14 April 2002). "Andrew's girlfriend is sued for bankruptcy". The Daily Telegraph. Retrieved 25 February 2011.
  17. ^ Thomas Jr, Landon. "A Friendship’s Paying Off for British Banking Giant", The New York Times, 21 November 2008. Retrieved 22 February 2011.
  18. ^ a b c Blitz, Roger. "Dealmaker is aiming high to tap Middle East wealth", Financial Times (London), 7 November 2008. Retrieved 20 February 2011.
  19. ^ "Revealed: The truth about Barclays and the Abu Dhabi investment", Euromoney
  20. ^ Armitstead, Louise. "Barclays saviour Sheikh Mansour makes £2.25bn from sale of bank stake", The Daily Telegraph (London), 8 October 2010. Retrieved 15 June 2011.
  21. ^ Goodley, Simon (8 June 2020). "Amanda Staveley sues Barclays for £1.5bn in high court". The Guardian. ISSN 0261-3077. Retrieved 29 January 2021.
  22. ^ Browning, Jonathan (19 June 2020). "Barclays Questions Leave Amanda Staveley in Tears at Trial". Bloomberg. Retrieved 29 January 2021.
  23. ^ Croft, Jane (12 October 2020). "Barclays trades blows with Amanda Staveley as trial draws to close". Financial Times. Retrieved 29 January 2021.
  24. ^ "Amanda Staveley loses High Court fight with Barclays over damages". BBC News. 26 February 2021. Retrieved 26 February 2021.
  25. ^ Croft, Jane (26 February 2021). "Amanda Staveley loses High Court battle against Barclays". Financial Times. Retrieved 3 March 2021.
  26. ^ Neate, Rupert (26 February 2021). "Amanda Staveley loses high court action against Barclays". The Guardian. Retrieved 3 March 2021.
  27. ^ Croft, Jane (11 March 2021). "Barclays faces £33m legal bill for Amanda Staveley case". www.ft.com. Retrieved 21 April 2021.
  28. ^ Ridley, Kirstin (26 February 2021). "Businesswoman Staveley loses Barclays court battle for damages". Reuters. Retrieved 21 April 2021.
  29. ^ Milligan, Ellen (11 March 2021). "Barclays Gets $39 Million Bill Despite Winning Staveley Case". Bloomberg.com. Retrieved 21 April 2021.
  30. ^ White, Lawrence (7 June 2021). "Amanda Staveley's appeal refused in Barclays 'lifeline loan' case". City A.M. Retrieved 13 June 2021.
  31. ^ Nimmo, Jamie (18 April 2021). "Amanda Staveley kicks off appeal over High Court defeat by 'deceitful' Barclays". The Times. ISSN 0140-0460. Retrieved 21 April 2021.
  32. ^ Milmo, Cahal. "The girl from Doncaster who became the toast of Abu Dhabi", The Independent (London), 3 September 2008. Retrieved 21 February 2011.
  33. ^ "Hicks ends talks with Dubai group", BBC, 10 March 2008. Retrieved 21 February 2011.
  34. ^ "Staveley hands Ashley £300 million Newcastle bid". Sky News. Retrieved 18 November 2017.
  35. ^ Roan, Dan (30 July 2020). "Newcastle takeover: Saudi Arabian-backed consortium pulls out of bid". BBC Sport. Retrieved 19 February 2021.
  36. ^ "Newcastle takeover: All parties hopeful Saudi-led consortium's deal can be announced on Thursday". Sky Sports. Retrieved 7 October 2021.
  37. ^ "'English football will sell itself to anyone': human rights groups condemn Saudi-Newcastle deal". The Guardian. 7 October 2021. Retrieved 4 November 2021.
  38. ^ "Angry Premier League clubs demand emergency meeting on Newcastle deal". The Guardian. 8 October 2021. Retrieved 8 October 2021.
  39. ^ Ridley, Kirstin (8 October 2021). "Staveley promises Newcastle overhaul, knocks back sportswashing critics". Reuters. Retrieved 4 November 2021.
  40. ^ Munjal, Dhruv (8 October 2021). "Human rights groups criticise Newcastle sale to Saudi-led consortium". Reuters. Retrieved 4 November 2021.
  41. ^ PA, Phil Blanche; Finnegan, Sophie (15 October 2021). "Newcastle fans and players urged to study Saudi Arabia's human rights record". ChronicleLive. Retrieved 4 November 2021.
  42. ^ "Newcastle United: Co-owners Amanda Staveley and Mehrdad Ghodoussi to leave club". BBC Sport. 10 July 2024. Retrieved 10 July 2024.
  43. ^ Pagnamenta, Robin. "Land Securities sells Trillium at 25% discount"[dead link], The Times (London), 8 January 2009. Retrieved 21 February 2011.
  44. ^ a b Goodway, Nick. "BlackRock rejected Staveley's $2.8bn backing in deal for BGI", London Evening Standard, 23 June 2009. Retrieved 22 February 2011.
  45. ^ Ebrahimi, Helia and Aldrick, Philip. "Financier Amanda Staveley misses mega pay out", The Daily Telegraph (London), 23 June 2009. Retrieved 22 February 2011.
  46. ^ a b Berman, Dennis K. "How Fink-Staveley deal went awry", The Wall Street Journal, 23 June 2009. Retrieved 22 February 2011.
  47. ^ Prynn, Jonathan and Duncan, Hugo. "Qataris target another landmark asset" Archived 1 September 2010 at the Wayback Machine, London Evening Standard, 17 June 2010. Retrieved 20 February 2011.
  48. ^ Kollewe, Julia. "Chelsea barracks: the deal-maker", The Guardian (London), 17 June 2010. Retrieved 2 March 2011.
  49. ^ "Press Release: Land Securities sells Arundel Great Court", Land Securities, 29 March 2012. Retrieved 27 June 2012.
  50. ^ McClary, Samantha. "LandSec confirms Strand Sale", Estates Gazette, 29 March 2012. Retrieved 27 June 2012.
  51. ^ Hammond, Ed. "Mideast group closes in on prime London site", Financial Times (London), 28 March 2012. Retrieved 27 June 2012.
  52. ^ "Prufrock: Staveley wedding is the biggest deal". The Times. 30 October 2011.
  53. ^ "Amanda Staveley: The former model who is now part-owner of Newcastle United". Marca. 23 October 2021.
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