Newcastle co-owner Amanda Staveley has been ordered to pay a Greek shipping tycoon £3.4million after a high court battle.
If Staveley does not pay former Manchester City director Victor Restis the sum before April 22, he can issue a bankruptcy petition. His legal team say he will pursue this action if the debt is not cleared.
Individuals who are declared bankrupt or file for bankruptcy are disqualified from acting as a director or owner of a football club. However, Staveley, who has a six per cent share in Newcastle, intends to appeal the judgement.
Restis issued the statutory demand for £36.