Sources: Amanda Staveley hit with £10m Newcastle United takeover blow by Mike Ashley
Amanda Staveley has repaid a £10million loan to former Newcastle United owner Mike Ashley, Football Insider understands.
Staveley has been locked in a legal battle with the former Magpies owner following the club’s takeover in 2021.
Ashley loaned Staveley £10million during the takeover process with the fees set to be repaid within a two-year period.
However, Ashley sued Staveley in June 2022 over alleged breaches of the loan terms following her criticism of his tenure at St James’ Park.
Part of the agreement was that the new ownership at Newcastle wouldn’t criticise Ashley’s time at the club while he also demanded some of his advertising to remain visible at the stadium.
Ashley claimed they were taken down before the set deadline and argued that Sports Direct suffered a ‘marketing loss’ as a result.
After their legal battle was taken to high court, Staveley has since paid the £10million loan fee within the two-year deadline originally set by Ashley.
PCP Capital Partners - the investment business owned by Staveley - released a statement regarding the loan settlement.
“Amanda and Mehrdad- her husband- would like to take this opportunity in thanking Mr Ashley for the provision of the loan - and separately for the support to the whole consortium over the purchase of Newcastle United,” it read.
Staveley recently injected new cash into Newcastle United to represent her 10 per cent stake in the club.
Following a £60million cash injection from the club’s Saudi Arabian parent company, Staveley and the Reuben Brothers - who both own a 10 per cent stake, also injected £6million each through new share issues.