According to documents in the High Court, the co-owner of the club borrowed over 30 million dollars to fund her 10% stake.
PCP Capital Partners led the Saudi Arabian backed takeover of Newcastle.
She admitted in court documents that she borrowed money from the other co-owners of the club.
The Saudi Public Investment Fund financed the majority of the sale of the company.
During the acquisition, she borrowed 10 million dollars from the company.
He claims that the terms of the agreement have been violated and that he is suing her and her husband for repayment of the loan.
Part of the vendor loan agreement meant that the owner could not criticize his time at the helm of the club.
He claims that her comments about "looking forward" to removing Sports Direct signs at St James Park and being "slightly frustrated" about being unable to take a picture without the signs in view amounted to her being "admonished".
In her defence, her lawyers said that the comments were made in response to questions from journalists about the temporary ban on related-party sponsorship in the top flight.
She said that she had previously said that Mike was very fair and he did a good deal, and that the media and fans made any criticism of the ownership.
She denied in the documents that there was an agreement to keep the Sports Direct and Flannels signs up at St James Park for the rest of the season. Two months after the takeover, signs were taken down.
The commercial balance of the club was affected, as well as the embarrassment, because of the written information that was made.
The club only received payments for the two seasons prior to the three season period from Sports Direct and Flannels.
Representatives have been contacted for a response.
When Ashley's claim became public last month, a spokesman for Staveley and Ghodoussi said they were "very confident of defending the claim in full".
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