Newcastle confirmed the departures of minority shareholders Amanda Staveley and Mehrdad Ghodoussi on Friday.
Staveley was instrumental in brokering the deal that allowed Saudi Arabia's Public Investment Fund (PIF) to buy 80 per cent of Newcastle in October 2021.
Along with her husband Ghodoussi, Staveley initially held a 10 per cent stake in Newcastle.
Both Staveley and Ghodoussi were heavily involved in running Newcastle after the Saudi-backed takeover and oversaw the appointment of Eddie Howe as manager in November 2021.
Newcastle finished fourth in the Premier League in 2022-23 to qualify for the Champions League and also reached the League Cup final.
Newcastle United today announces that an agreement has been reached to change the club’s ownership structure.
— Newcastle United FC (@NUFC) July 12, 2024
PIF and RB Sports & Media will together acquire PCP Capital Partners’ shareholding in the club and Amanda Staveley will step down from all her positions with Newcastle… pic.twitter.com/LxeT3RS0O4
They fared less well last season, crashing out of the Champions League in the group stage and finishing a disappointing seventh in the Premier League.
Staveley and Ghodoussi's shareholding was diluted to six per cent due to recent equity raisings which the pair have not participated in.
"PIF and RB Sports and Media will increase their shareholdings in Newcastle United, as part of the long-term plan to develop the club and make it a consistently credible competitor in domestic and European competitions," a Newcastle statement said.
"As part of this structural change, PIF and RB Sports and Media will together acquire PCP Capital Partners' shareholding in the club and Amanda Staveley will step down from all her positions with Newcastle United."
The £300-million Saudi takeover from previous Newcastle owner Mike Ashley attracted huge attention, in large part because of controversy over the Gulf state's human rights record.
Staveley helped push the deal through after it stalled before finally concluding when the Premier League received assurances there would be no Saudi state involvement.
Newcastle's new shareholding structure will see PIF control around 85 per cent and RB Sports and Media hold the remaining 15 per cent.