Report: Newcastle co-owner Amanda Staveley could be forced to declare bankruptcy after losing high court case
Newcastle United co-owner Amanda Staveley could be forced to step down from her duties after losing a £3.4million high court case against a Greek shipping magnate.
The case came along after former Manchester City director Victor Restis issued a statutory demand for £36.8m in May 2023 after he made an investment of £10m to fund Staveley’s business opportunities in 2008.
The 50-year-old now has until April 22nd to pay her debt to Restis, his legal team say they will pursue further action if the debt isn’t cleared by that date.
The co-owner intends to appeal the decision, but for now it’s up to her to pay up.
Staveley has to pay £3.4m by April 22nd or her time as NUFC owner could be up.
Staveley has become a very influential figure on Tyneside since fronting Newcastle’s takeover in 2021, so losing her as the face of the higher powers would be devastating.
We do still have Mehrdad Ghodoussi who loves to make his presence known, especially when a new signing is announced.
But there is something different about ‘Wor Amanda’. At the end of the day, she was the person who came to the games well before the takeover because she had a genuine interest in giving the club freedom from the clutches of Mike Ashley.
What would Staveley leaving mean for Newcastle United?
If Staveley left, it wouldn’t make much of a difference on the financial side of things. Over the last year, she has dropped her stake in the club from 10% to 6%. Giving the other 4% to the Reuben brothers.
The main financial muscle comes from the majority shareholders Saudi Arabian Public Investment Fund (PIF) who own 80% of the club.
On another front, the club will need to find another influential figure for the women's team. Staveley has been a driving force for manager Becky Langley’s side, allowing the team to play at St James’ Park on several occasions.
