Newcastle chief Staveley facing bankruptcy hearing over alleged unpaid £37m debt
Amanda Staveley will bid to get a bankruptcy petition against her thrown out on Wednesday.
The Toon Saudi takeover deal maker is locked in a battle with a Greek shipping magnate and her case is listed to appear before a judge in court in London. Victor Restis claimed last year that he is owed £37m from 15 years ago which Staveley failed to pay back.
The Newcastle United director will ask the Insolvency and Companies court to dismiss the petition, and sources say she is confident of success. Staveley is believed to claim the debt related to a £10m equity investment made by Restis in 2008, and that £7m was repaid, leaving £3m.
In June last year Staveley’s lawyers applied to the High Court to have a statutory demand issued by Restis to be ‘set aside’. Deputy Insolvency and Companies Court Judge Schaffer is listed to oversee the case at 11.30am, with Amanda Louise Staveley listed as the “case name.”
It is the latest financial battle Staveley has fought, following on from her high profile case against Barclays. In February 2021 she lost a multi-million pound high court fight against the bank despite the judge finding Barclays was “guilty of serious deceit” in the way it raised billions of emergency funding to avoid a UK government bailout.
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Staveley’s private equity firm PCP Capital had claimed £830m in damages. Judge David Waksman ruled Staveley’s PCP group was not entitled to damages but “Barclays was guilty of fraudulent misrepresentation.”
In separate company news, Staveley’s stake in Newcastle has been diluted from 10pc to 6pc. The Reuben family’s stake has increased from 10pc to 14pc.
Cash (equity) injections into Newcastle of up to £127m by the 80pc stakeholders the Public Investment Fund of Saudi Arabia and the Reubens have not been matched by Staveley and so her shareholding has diluted.
Staveley (L) pictured with husband and Newcastle director Mehrdad Ghodoussi (R) (PAUL ELLIS/AFP via Getty Images)Newcastle’s latest accounts reported by the Mirror in January reveal that Staveley was handed £659,000 of club funds for legal fees on August 31 last year. She was also given £600,000 on November 7, 2022 for legal fees.
Club sources refused to say what this was for, adding it was a matter for Staveley. The accounts say the sums were loans and will be repaid. Cantervale, Staveley’s company was paid £312,000 for advisory services in the year to July 2023. It was also paid £937,500 in 2022.
The accounts also state: “The Group has also paid £625,000 to Cantervale Limited during the year which will be refunded subsequent to the balance sheet date.”
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