Newcastle United owner Amanda Staveley has been embroiled in bankruptcy.

Newcastle United co-owner Amanda Stavely is accused of defaulting on a loan of over £35 million. Credit: JUSTIN TALLIS/AFP via Getty

Newcastle United co-owner Amanda Staveley has been embroiled in a multi-million dollar scandal with the Greek shipping magnate, according to The Telegraph.

Ms Staveley, who helped Saudi Arabia's sovereign wealth fund acquire the Premier League club in 2021, has asked the High Court to prevent shipping tycoon Victor Restis from driving her into bankruptcy, new documents show.

Mr Restis alleges that Ms Staveley was unable to repay a loan of more than £35m, which is over ten years old.

Ms Staveley's lawyers have filed a High Court Restis' demand is a move that will prevent the Greek shipping tycoon from filing for bankruptcy with Ms Stavely if the debt is not paid within 21 days.

Mr Restis had previously appeared as a witness for Ms Staveley during a £1.5bn trial with Barclays over her role in the bank's bailout during the financial crisis, although her lawyers later said his indications are no longer required. Ms Staveley failed to recover damages in the Barclays case in a judgment in 2021.

The Greek businessman was also previously a director of Manchester City, owning the club by former Thai Prime Minister Thaksin Shinawatra and Sheikh Mansour in 2008.

Restis Group names Mr. Restis as one of the most important and influential figures in the shipping industry in around the world and was named one of the «100 Most Influential People in Shipping» by industry bible Lloyd's List. His other business interests include banking and financial services, media, hotels and telecommunications.

The legislative requirement is a formal ultimatum to pay the debt within 21 days. If the debt is not paid or canceled by the judges within this period, the non-payment could be used to file a bankruptcy petition with the court.

Forsters, the Mayfair law firm that represents Ms. Stavely, is believed to have told the chief executive from Yorkshire that they are sure that a bankruptcy order cannot be served while the debt is in dispute. But Mr. Restis' representatives disagreed.

His spokesman said: “Mr. Restis instructed Francis Wilks & Jones for the recovery of the outstanding balance on a loan dated 2008 from Amanda Staveley and any application by her legal representatives to set aside our client's statutory claim totaling £36,841,287 (plus constant daily interest) will be strongly denied.»

Ms Staveley, who owns 10 percent of Newcastle United, was reported to have assisted in the shock merger Saudi company LIV. The golf tournament and PGA Tour, which were announced earlier this month.

She met Rory McIlroy just before Christmas following the ex-world number one's scathing criticism of LIV Golf.

Yasir Al Rumayan is co-CEO of Newcastle United, managing Saudi Arabia's sovereign wealth fund PIF, and will chair the board of the unified international professional golf organization.