Newcastle United female shareholder owes £37 million

According to reports Cheap Newcastle United football shirts boss Amanda Staveley is facing a fine of up to £37 million and is due in court this week. It comes after she allegedly failed to pay £37 million to a Greek shipbroker more than a decade ago. Staveley, who is crucial to completing the club's Saudi-backed takeover in 2021, last summer asked the UK High Court to prevent Greek shipping magnate Victor Restis from forcing him to declare bankruptcy. The case will now formally start in London on Wednesday 28 February.

Restis sued, claiming that Staveley owed him £37 million 15 years ago and Staveley failed to repay it. Staveley believes the courts will dismiss the bankruptcy petition. Staveley claimed the debt related to a £10 million equity investment by Restis in 2008, of which £7 million had been repaid, leaving only £3 million outstanding.

On the other hand, Staveley's ownership in Newcastle decreased from 10% to 6%, while the Reuben family's ownership increased from 10% to 14%. Saudi Arabia's sovereign wealth fund owns 80% of Cheap Newcastle United Kids Football Shirts shares and is the largest shareholder. Staveley's ownership is diluted due to a mismatch between the Saudi Arabian Public Investment Fund and the Reuben family's cash holdings. Staveley was reported to have received £659,000 of the club's funds for legal costs on 31 August last year. On 7 November 2022, he was also awarded £600,000 in legal costs. The exact use of the money has not been disclosed, but the account shows that Staveley has advanced the money and will have to repay it.