Amanda Staveley, the co-owner of Newcastle United, has found herself embroiled in a contentious bankruptcy dispute involving millions of pounds with Victor Restis, a Greek shipping magnate, according to information disclosed by The Telegraph.
Staveley played a crucial role in facilitating the acquisition of the Premier League club by Saudi Arabia’s sovereign wealth fund in 2021. New court filings show that she has petitioned the High Court to bar Restis from pushing her into bankruptcy.
Restis alleges that Staveley has not paid back a loan exceeding £35m, originating over ten years ago. In response, Staveley’s legal team has asked the High Court to nullify a statutory demand issued by Restis, which would prevent him from imposing a bankruptcy order if the debt is not settled within 21 days.
Previously, Restis was supposed to testify as a witness for Staveley in a £1.5bn lawsuit against Barclays relating to her participation in a bank bailout during the financial crisis. However, her legal representatives later stated that his testimony was not needed. Staveley lost her case against Barclays in 2021.
Restis, who was once a director at Manchester City during the ownership transition from former Thai prime minister Thaksin Shinawatra to Sheikh Mansour in 2008, is recognized by the Restis Group as a highly influential figure in the global shipping industry. Lloyd’s List also lists him among the “100 most influential people in shipping.” His business portfolio spans across banking, financial services, media, hotels, and telecommunications.
A statutory demand is a formal request for debt payment within 21 days. Failure to pay the debt or have it nullified by the court within this timeframe could result in a petition for a bankruptcy order.
Staveley’s legal advisors at Forsters, a Mayfair law firm, have reportedly assured her that a bankruptcy order cannot be served while the debt is still being disputed. However, representatives for Restis hold a contrary opinion.
Restis’s spokesperson stated, “Our client’s statutory demand amounting to £36,841,287 (plus daily continuing interest) will be vigorously opposed should any attempt by Staveley’s legal team be made to set it aside.”
Staveley’s representative chose not to comment on her application to the High Court to dismiss the statutory demand.
Staveley, who owns a 10% stake in Newcastle United, is also known for facilitating the unexpected merger between Saudi Arabia’s LIV Golf tournament and PGA Tour, announced earlier this month. She also met with former world number one golfer Rory McIlroy after his outspoken criticism of LIV Golf.
Her fellow director at Newcastle United, Yasir Al-Rumayyan, who is also the governor of Saudi Arabia’s sovereign wealth fund PIF, will be at the helm of the board of the merged global professional golf organization.
