Newcastle United co-owner Amanda Staveley fighting bankruptcy petition

Newcastle United co-owner Amanda Staveley has made a bid to throw out a bankruptcy petition against her alleging she owes a shipping tycoon more than £36 million (€42m), the English High Court heard.

Staveley, who owns 10% of the Premier League club, has previously been reported as having an estimated net worth of over £100m.

Ms Staveley, who headed the Saudi-backed consortium that took over the football club in 2021, asked the Insolvency and Companies Court to set aside a demand served by Greek businessman Victor Restis in May last year.

The claimed figure comprises £3.4 million in principal, £2.1 million in "legal costs and expenses" and £31.3 million in interest, totalling £36.8 million, according to Ms Staveley's lawyers.

The specialist court heard it is "common ground" that Mr Restis agreed in 2008 to arrange a £10 million investment in Ms Staveley’s business ventures, but that there was "some ambiguity" about whether this was a loan or some other form of investment.

In May 2016, the parties entered an agreement.

According to written submissions by Ms Staveley’s lawyer, Ted Loveday, his client was told to sign various other documents and instruments between 2017 and 2021, which ultimately said she was personally liable and which incrementally topped up that liability.

"The various post-2016 instruments… were procured by duress, undue influence and/or misrepresentation," Mr Loveday said.

"The debt of £3.4 million had morphed into a debt in excess of £10 million, and which was said to exceed £36 million by May 2023," he added.

Ms Staveley claimed she felt intimidated into signing the post-2016 documents, the court heard.

A specialist judge was told that Mr Restis’ lawyer, John Neocleous, allegedly told Ms Staveley that the