Newcastle United co-owner Amanda Staveley arrived at court after finding herself in a bankruptcy case.
According to The TelegraphStaveley was expected to ask the Supreme Court on Wednesday to stop a billionaire from bankrupting her.
The report claims she is embroiled in a multi-million pound legal battle with Victor Restis, a Greek shipping magnate, over allegations she never repaid a loan of more than £35 million from 2008.
Restis has issued a legal demand for payment to Staveley – who is married to Newcastle co-owner Mehrdad Ghodoussi.
This is a formal ultimatum that the debt must be repaid within 21 days. If the payment is not made within that period or is set aside by the court, non-payment may result in a request for the court to issue a bankruptcy order.
Newcastle United co-owner Amanda Staveley has found herself in bankruptcy proceedings
The businesswoman arrived at the Supreme Court on Wednesday to learn her fate
Staveley is embroiled in a huge legal battle with Victor Restis (second from right), a Greek shipping magnate, over allegations that she never repaid a 2008 loan of more than £35 million.
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In June, Staveley’s lawyers applied to the High Court to ‘set aside’ this legal requirement, which would prevent her from facing bankruptcy if the debt is not paid by the deadline.
A hearing was scheduled for 11.30am on Wednesday, with Staveley – whose net worth is reported to be £110 million – pictured arriving at the High Court.
In addition to the statutory request, Restis has also filed a liquidation petition with PCP Capital Partners LLP, a company of which Staveley is a director.
However, the company has not traded for five years and changed its name to Apollo Belvedere Services LLP last June.
Restis and Staveley have history, with the Greek businessman appearing as a witness for the Newcastle co-owner in her £1.5 billion lawsuit with Barclays three years ago.
The trial concerned 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 need Restis’ evidence.
Staveley failed to win any damages in the case, which came at the same time as she helped the Saudi Arabian PIF take over Newcastle, which was eventually confirmed in October 2021.
Her lawyers were said to be confident that a bankruptcy order would not be served on Wednesday because the alleged debt is disputed, but Restis’ representatives disagreed.
A spokesperson for Restis told The Telegraph: ‘Mr Restis has instructed lawyers at Francis Wilks & Jones to recover an outstanding balance on a 2008 loan from Amanda Staveley and any request from her legal representatives to resolve the legal claim of our client for a total sum of £36,841,287 (plus continuing daily interest) will be vigorously resisted.’
Staveley has previously rejected claims she owes Restis tens of millions of pounds, instead insisting the outstanding amount is less than a tenth of that, at £3 million.
It is believed to be linked to a £10 million equity investment in 2008, with Staveley claiming £7 million of that was repaid in 2016.
The Financial Times reported last year that Staveley believes this new claim has made the stakes and costs “substantially inflated or entirely unjustified,” something Restis has labeled “misconceived.”
Formerly a director at Man City, Restis is a leading figure in the shipping sector, while he is also an investor in several other business ventures in banking and financial services, media, aviation, telecommunications and hospitality.
Newcastle’s most recent accounts in January this year showed they had loaned Staveley £659,000 for legal costs in August, having previously lent her £600,000 in November 2022.
Staveley (pictured with husband and Newcastle co-owner Mehrdad Ghoudoussi – left) is disputing claims she owes Restis the £37m and hopes to have the ‘legal demand’ set aside
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, with Restis jailed for four months in 2013 for alleged money laundering and embezzlement before later being acquitted of all charges.
In 2018, Restis was also given a ten-year suspended prison sentence for making false statements about the acquisition of land.
Newcastle’s accounts revealed in January that they had loaned Staveley £659,000 in August for legal costs, having previously lent her £600,000 in November 2022.