Home Sports Newcastle United co-owner Amanda Staveley arrives for her High Court bankruptcy hearing over £37m ‘unpaid debt’ row with a Greek billionaire

Newcastle United co-owner Amanda Staveley arrives for her High Court bankruptcy hearing over £37m ‘unpaid debt’ row with a Greek billionaire

by Alexander
0 comment
Newcastle United co-owner Amanda Staveley arrives for her High Court bankruptcy hearing over £37m 'unpaid debt' row with a Greek billionaire

Newcastle United co-owner Amanda Staveley was pictured arriving at court after becoming mired in a bankruptcy dispute.

According The TelegraphStaveley was set to ask the High Court on Wednesday to stop a billionaire from bankrupting her.

The report claims he is in a multi-million pound legal battle with Victor Restis, a Greek shipping magnate, over allegations he never repaid a loan of more than £35 million dating back to 2008.

Restis has issued Staveley, who is married to Newcastle co-owner Mehrdad Ghodoussi, with a legal demand for payment.

This is a formal ultimatum for the debt to be paid within 21 days. If it is not paid within that time, or if it is set aside by judges, non-payment may result in a petition for the court to issue a bankruptcy order.

Newcastle United co-owner Amanda Staveley has been mired in a bankruptcy dispute.

The businesswoman was photographed arriving at the High Court on Wednesday to learn her fate.

The businesswoman was photographed arriving at the High Court on Wednesday to learn her fate.

The businesswoman was photographed arriving at the High Court on Wednesday to learn her fate.

Your browser does not support iframes.

In June, Staveley’s lawyers asked the High Court to have this legal claim “set aside”, which would prevent him from facing a bankruptcy order if the debt is not paid within the allotted time frame.

A hearing is scheduled for 11.30am on Wednesday, and Staveley, whose net worth is £110million, is pictured arriving at the High Court.

Along with the legal demand, Restis also issued PCP Capital Partners LLP, a company of which Staveley is a director, a winding-up petition.

However, the company has not been publicly traded for five years and changed its name to Apollo Belvedere Services LLP last June.

Restis and Staveley have history, with the Greek businessman being presented as a witness for Newcastle’s co-owner during a £1.5bn court battle with Barclays three years ago.

The court battle centered on Staveley’s role in an emergency bailout of the bank during the financial crisis, although the 50-year-old’s lawyers ultimately did not use or demand Restis’ evidence.

Staveley failed to obtain any damages in the case, which occurred at the same time as helping PIF take over Newcastle, which was finally confirmed in October 2021.

His lawyers were believed to be confident that a bankruptcy order would not be served on Wednesday given that the alleged debt is in dispute, but Restis’ representatives disagreed.

A spokesman for Restis told The Telegraph: ‘Mr Restis has instructed lawyers at Francis Wilks & Jones to recover an outstanding balance on a loan dating back to 2008 from Amanda Staveley and any requests by his legal representatives to set aside our client’s legal claim totaling £36,841,287 (plus ongoing daily interest) will be vigorously opposed.’

Staveley has previously rejected claims that he owes Restis tens of millions of pounds, insisting instead that the outstanding sum is less than a tenth of the £3m sum.

It is believed to be linked to a £10m capital investment made in 2008, of which Staveley claims £7m was repaid in 2016.

financial time reported last year that Staveley believes this new claim has “substantially inflated or wholly unjustified” interest and costs, something Restis called “wrong.”

Restis, previously a director of Man City, is a leading figure in the shipping industry, while he is also an investor in several other business ventures in banking and financial services, media, aviation, telecommunications and hospitality.

Staveley is in a mammoth legal battle with Victor Restis (second right), a Greek shipping magnate, over allegations he never repaid a loan of more than £35 million dating back to 2008.

Staveley is in a mammoth legal battle with Victor Restis (second right), a Greek shipping magnate, over allegations he never repaid a loan of more than £35 million dating back to 2008.

Staveley is in a mammoth legal battle with Victor Restis (second right), a Greek shipping magnate, over allegations he never repaid a loan of more than £35 million dating back to 2008.

Staveley (pictured with her husband and Newcastle co-owner Mehrdad Ghoudoussi – left) disputes claims she owes the £37m to Restis and hopes to put the “legal claim” to rest.

Industry bible Lloyd’s List described him as one of the “100 most influential people in shipping”.

However, he has had run-ins with Greek authorities in the past: Restis was jailed for four months in 2013 for alleged money laundering and embezzlement, before being acquitted of all charges.

In 2018, Restis also received a 10-year suspended prison sentence for making false statements regarding the acquisition of land.

Newcastle’s accounts in January revealed they had loaned Staveley £659,000 for legal fees in August, after previously loaning him £600,000 in November 2022.

You may also like