Newcastle United co-owner faces paying £3.4m to Greek businessman

Newcastle United co-owner Amanda Staveley faces having to pay a Greek shipping magnate more than £3 million (€3.5 million) after a British High Court legal battle.

Ms Staveley had been issued with a bankruptcy petition by businessman Victor Restis, who claimed she was liable to pay him £3.4 million (€3.9 million) owed from an investment he made in her business ventures.

The businesswoman had applied to the High Court to throw out Mr Restis’ application, with her lawyers telling a hearing earlier in March that she had “substantial ground for denying liability” and the dispute should be settled out of court.

In a judgement on Monday, Deputy Insolvency and Companies Court Judge Daniel Schaffer dismissed her bid, ruling the dispute should be dealt with in court and that Ms Staveley was liable to pay the sum.

Reading out his judgment at London’s Rolls Building, he said: “The demand totalling £3.4 million is sound.”

Mr Restis has until April 22nd to issue a bankruptcy petition following the decision, unless Ms Staveley pays the money owed before that date.

Ted Loveday, representing Ms Staveley, previously told the court in written submissions that it was “common ground” that Mr Restis had made a £10 million investment in Ms Staveley’s business ventures in 2008.

He said there was “plainly a degree of ambiguity about whether this was a loan or some other form of investment”.

Mr Restis initially issued a statutory demand in May 2023 for a total of £36.8 million, which included the outstanding loan sum of £3.4 million and “exorbitant” interest of £31.3 million, Mr Loveday said.

The tycoon’s barristers later dropped their claims for the interest and legal costs, instead claiming only the loan’s outstanding balance.

Mr Loveday said