Staveley faces Newcastle board ‘disqualification’ as court case threatens to strip her of shares
Amanda Staveley could reportedly be ‘disqualified’ from being on the Newcastle board and stripped of her shares if she is forced to file for bankruptcy as part of an ongoing legal battle.
Staveley currently owns six per cent of Newcastle after the takeover backed by the Saudi Public Investment Fund in 2021. The club’s fortunes have turned around since that acquisition of the club.
Indeed, they finished 12th the season prior to the takeover, but were struggling at the bottom end of the table at the beginning of the following season before the club was bought.
They strengthened in the January window of the 2021/22 season and ended up finishing 11th. The following season, after more big names were secured, Newcastle came fourth, securing Champions League football.
Staveley could lose Newcastle shares
Staveley could soon be banished from being on the club’s board entirely, though. Indeed, she is currently in a legal battle against a Greek shipping magnate and has been forced to pay £3.4million by April 22 or she’ll face a bankruptcy order.
If she is to go bankrupt, that would class as a ‘disqualifying event’ as per the Premier League’s rules, and that would mean she would be stripped of her seat on the Newcastle board and lose her shares in the club, as per Football Insider.
Staveley has announced her plan to appeal the legal decision. What’s more, her net worth is far north of the fee she has been ordered to pay, so if her appeal fails, it seems she should be able to rectify the situation anyway.
It’s not the first time Staveley has faced legal trouble during her time as Newcastle’s managing director. Indeed, she remains in two legal battles with former Magpies owner Mike Ashley.
Those relate to disputes about the club’s kit sponsorship deal, as well as a £10million loan which was provided during the takeover process.
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