Newcastle United's Amanda Staveley Challenges £36M Bankruptcy Petition

In a recent development at the High Court, Newcastle United co-owner Amanda Staveley has made a significant move to dismiss a bankruptcy petition against her, which alleges she owes over 36 million to Greek shipping tycoon Victor Restis. The legal battle, which unfolded in the Insolvency and Companies Court, revolves around a complex financial dispute dating back to 2008.

Staveley, known for her role in the Saudi-backed consortium's takeover of the football club in 2021, is challenging a demand served by Restis in May of the previous year. The amount in question includes 3.4 million in principal, 2.1 million in legal costs and expenses, and a staggering 31.3 million in interest, summing up to a total of 36.8 million, as per Staveley's legal representation.

The court was informed that the financial dealings between Staveley and Restis began with an agreement in 2008, under which Restis was to arrange a 10 million investment in Staveley's business ventures. However, the nature of this investment—whether it was a loan or another form of financial engagement—remains unclear.

According to Ted Loveday, Staveley's lawyer, subsequent documents signed between 2017 and 2021 incrementally increased Staveley's liability under duress, undue influence, and misrepresentation. These allegations suggest that what was initially a 3.4 million debt ballooned into a claim exceeding 36 million by May 2023.

Loveday's written submissions reveal that Staveley felt intimidated into signing these documents after being warned about Restis's purported dangerous nature by his lawyer, John Neocleous. Furthermore, Staveley's medical condition, Huntington's disease, allegedly impacted her judgment and decision-making during this period.

However, Raquel Agnello KC, representing Restis, countered these claims by stating there is no concrete evidence supporting allegations of duress or undue influence. Agnello emphasized that Staveley was given ample time and opportunity to review and revise the documents before signing them.

The dispute also touches upon an agreement signed on January 7, 2021, which according to Agnello supersedes all previous agreements and holds Staveley liable. Loveday argues for the demand to be set aside on grounds that it raises issues suitable for arbitration and that Staveley has substantial grounds for denying liability.

The hearing before Judge Daniel Schaffer is set to continue on March 19, with further submissions from Agnello expected. The outcome of this case could have significant implications for both parties involved.