In a courtroom showdown at the London High Court, Amanda Staveley, the co-owner of Newcastle United football club, lost a legal dispute with Greek shipping tycoon Victor Restis over a longstanding debt of nearly £3.5 million (nearly AUD $6.8 million).
Staveley, who holds a 10% stake in the Premier League side alongside her husband, found herself at odds with Restis over a debt that had ballooned to over £36 million due to accrued interest. Despite denying any liability, Staveley was unable to sway Judge Daniel Schaffer, who ruled in favour of Restis, holding Staveley personally responsible for the outstanding debt.
The legal battle centred on a loan provided to Staveley's businesses back in 2008, with Restis seeking repayment of the main loan, amounting to approximately £3.47 million. Staveley, backed by her legal team, had attempted to challenge the validity of the debt and argued for arbitration proceedings to settle the matter.
Staveley is a prominent British financier known for her involvement in high-profile deals, including aiding Barclays in securing a multi-billion-pound lifeline during the 2008 credit crisis. However, her legal woes with Restis, who had previously supported her in a lawsuit against Barclays, underscored the intricate web of alliances and conflicts within the business world.
Despite allegations of intimidation and claims of being misled, Staveley's attempts to reject Restis's demands fell short in court. Judge Schaffer dismissed her claims of duress and granted Restis until April 22 to pursue a bankruptcy petition against Staveley.
The outcome of this legal saga could have far-reaching implications not only for Staveley but also for the future of Newcastle United, a club that has been under the spotlight since Staveley's involvement in a takeover bid led by a Saudi Arabian-led consortium in 2021.
(Source: Reuters)
