For context, this is where NCUK sits in the ownership arrangement. As of latest conf stmts available, it has an 80% equity stake in PZ Newco, the holdco that owns 100% of Newcastle United). That didn't change w/ the FEB23 inv of £57m (but % between Reuben/Staveley might have). pic.twitter.com/cZJo9akvcA

— Greg Cordell (@gregorypcordell) July 13, 2023