Newcastle United co-owner Amanda Staveley is due in court over claims she has failed to repay a £37 million debt to Greek shipping magnate Victor Restis from 15 years ago

Amanda Staveley, the co-owner of Newcastle United, is scheduled to appear in court on Wednesday to address a bankruptcy petition against her. The petition alleges that she has not repaid a £37 million debt to Greek shipping magnate Victor Restis, dating back 15 years.

Staveley, a key figure in the Toon Saudi takeover deal, will seek to have the bankruptcy petition dismissed. Sources close to Staveley indicate she is confident of a successful outcome. The dispute revolves around a £10 million equity investment made by Restis in 2008, of which £7 million was allegedly repaid, leaving a balance of £3 million.

Last year, Restis issued a statutory demand against Staveley, prompting her legal team to apply to the High Court to have the demand set aside. The case is scheduled to be heard in the Insolvency and Companies court in London, with Deputy Judge Schaffer presiding.

This legal battle is the latest in a series for Staveley, following a high-profile case against Barclays in 2021. Despite the judge finding Barclays guilty of serious deceit, Staveley’s claim for £830 million in damages was unsuccessful. The court ruled that while Barclays was guilty of fraudulent misrepresentation, Staveley’s PCP group was not entitled to damages.

In other news, Staveley’s stake in Newcastle has been diluted from 10% to 6%, with the Reuben family’s stake increasing from 10% to 14%. This change in ownership reflects cash injections of up to £127 million from the Public Investment Fund of Saudi Arabia and the Reubens, which were not matched by Staveley.

Staveley’s financial dealings with Newcastle are under scrutiny, with the latest accounts showing payments to her company, Cantervale Limited, for legal fees and advisory services. The accounts state that these sums were loans and will be repaid, and that a further payment to Cantervale will be refunded