The London High Court has ordered Amanda Staveley to pay nearly PS3.5million to Greek shipping magnate Victor Restis.
This ruling marks the conclusion of an ongoing legal dispute that has lasted for more than 10 years.
Origins of the dispute
Restis lent Staveley’s business PS10,000,000 in 2008. The debt was accumulating interest over the years and the amount due grew to more than PS36 million.
Restis’ legal team decided to only pursue the PS3,47 million principal amount, ignoring the PS31 million interest accrued daily at an astounding rate of PS505,000.
Staveley claimed that, as she and her husband own a 10% share in Newcastle United, they were not personally responsible for the debt.
Her claim was that arbitration should have resolved the matter instead of going to court, and that Restis put illegitimate stress on her in order for the debt to be settled.
Daniel Schaffer, the judge who ruled on this case, rejected these arguments.
The Court’s Decision
In his decision, Judge Schaffer determined that Staveley had indeed been personally responsible for the debt. He also dismissed Staveley’s claims of duress or misrepresentation.
Staveley was under significant financial stress, but the judge found that Restis was within his right to demand repayment.
In his decision, Schaffer noted that “there were clear commercial pressures placed on Ms. Staveley but Mr. Restis had every right to insist upon payment.”
He rejected Restis’s claim that Staveley had been physically threatened by him, an accusation Staveley’s lawyers had made during the trial.
Restis’s attorneys pointed out that Staveley invited Restis after the alleged threat to attend a Newcastle United game, which undermined the credibility of Restis claims.
Restis can now file a petition for bankruptcy against Staveley, if she does not pay the debt within 21 days. The deadline is April 22, so there’s no time to waste. Staveley could be facing bankruptcy if she fails to pay PS3.5million.
Background information on all parties
Amanda Staveley, a prominent figure in the world of finance, played an important role in helping Barclays secure a multibillion-pound Abu Dhabi investment during the financial crisis in 2008.
PCP Capital Partners was the firm that facilitated the transaction which helped to stabilize the bank in a period of economic unrest.
Staveley’s reputation was further enhanced when PCP, with the backing of Saudi Arabia, led a consortium to purchase Newcastle United in 2021, an English Premier League club.
Victor Restis is a Greek shipping magnate who has been an important figure in international business circles.
A dispute between Staveley and Staveley arose over a loan given to Staveley’s business at the heights of the financial crises.
Restis provided a statement as a witness in Staveley’s failed lawsuit against Barclays. This added a new layer of complexity to legal proceedings.
PCP Capital Partners has been renamed Apollo Belvedere Services, after the company at the heart of the controversy.
Due to the prominence of those involved in the case and the huge sums at stake, the case has received a lot of attention.
The ruling has implications
Staveley now faces a financial blow if she does not pay the debt.
This ruling highlights both the dangers of high-stakes transactions and the long-term effects that can result from unresolved financial debts.
The April 22 deadline is fast approaching, and the question will be whether Staveley has the money to pay the debt in full and prevent further financial and legal complications.
This case’s outcome could have far reaching implications for Staveley’s business and role at Newcastle United.
As new developments unfold, this post Newcastle United Co-Owner Amanda Staveley Loses PS3.5 Million Court Battle may be updated.
