Newcastle United co-owner Amanda Staveley faces bankruptcy in £36m row with ex-Manchester City director

Newcastle United co-owner Amanda Staveley has appeared in court after a bankruptcy petition was made against her alleging she owes more than £36m.

Ms Staveley asked the Insolvency and Companies Court to throw out the demand made by Greek shipping tycoon and former Manchester City director Victor Restis in May last year.

The Newcastle United director owns 6% of the club after her stake was reduced at the beginning of 2024. The businesswoman had spearheaded the club's takeover in 2021.

Mr Restis has claimed Ms Staveley has failed to repay a loan from 2008, claimed to be made up of £3.4 million in principal, £2.1 million in legal costs and £31.3 million in interest, totalling £36.8 million.

The court heard today, however, that Mr Restis had agreed to invest £10m into Ms Staveley's businesses and there was some "ambiguity" about whether it was a loan or investment. It was also claimed Ms Staveley felt intimidated into signing documents which made her liable and that her Huntington's Disease affected her judgement. The claims were denied by Mr Reistis' representatives.

The two tycoons have a history together in court with Mr Restis due to be a witness in Ms Staveley's £1.5 billion court case with Barclays over her role in rescuing the bank during the financial crisis. Eventually, his evidence was no longer required. Last month, the Newcastle United director launched a fresh legal case against Barclays after a High Court judge found the bank had deceived her- a deception which was priced at £615m.

Mr Restis also has links to Premier League Champions Manchester City. The businessman was previously a director at the club in the period between the ownership of Thai Prime Minister Thaksin Shinawatra and current owner Sheikh Mansour.

Restis' departure from his role at the Etihad Stadium in 2009 enabled Sheikh Mansour to swoop in and acquire the necessary shares to own 100% of the club.

The hearing is set to continue on March 19.