Amanda Staveley repays £10 million after Newcastle United legal dispute

Former Newcastle United owner Mike Ashley loaned Amanda Staveley the money at the time of the takeover.

Amanda Staveley has repaid a £10 million loan to ex-Newcastle United owner Mike Ashley following a High Court battle.

During the takeover, Ashley borrowed new Newcastle United co-owner Staveley £10 million, and she was granted two years to repay the money as long as she did not violate any of the loan’s terms.
However, Ashley sued Staveley in June 2022, claiming she violated the terms of the agreement by ‘briefing the media against him’ and ‘using it as a method to apply “commercial pressure” on him,’ according to Bloomberg.

 

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Ashley claimed they were removed prior to this, and his attorneys claimed Sports Direct incurred a’marketing loss’ as a result of their removal.

However, the matter has been resolved today as Amanda Staveley repaid the debt in full two years after receiving it, as per the original terms.

‘Amanda and Mehrdad- her husband- would like to take this opportunity to thank Mr Ashley for the provision of the loan- and separately for the support to the entire consortium regarding the purchase of Newcastle United,’ said a statement from Staveley’s investment firm, PCP Capital Partners.

Staveley and her husband are both 10% owners of Newcastle United. The Public Investment Fund of Saudi Arabia holds 80%, with the Reuben brothers owning the remaining 10%.

 

 

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