Newcastle United co-owner Amanda Staveley in bankruptcy row with aggrieved ex Man City director

Newcastle United co-owner Amanda Staveley is fighting a potentially embarrassing bankruptcy row with a Greek shipping tycoon and former Manchester City director.

The businesswoman, who helped push through the controversial Saudi Public Investment Fund purchase of Newcastle United in 2021 and is regularly seen at St James' Park has asked the High Court to prevent shipping lord Victor Restis from forcing her into bankruptcy.

The Telegraph reports that Mr Restis has claimed that Ms Staveley failed to repay a loan of more than £35 million that dates back to over a decade ago.

The Magpies co-owner has had her lawyers apply to the High Court to have a statutory demand from Mr Restis 'set aside'. This would prevent the Greek businessman from serving Ms Staveley with a bankruptcy order should the debt not be paid in 21 days.

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.

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.

On his website, Mr Restis is said to be "one of the most important and influential shipping personalities worldwide" and has been named on the Lloyd’s List of 100 most influential people in shipping. He has previously served as an Ambassador of the Republic of San Marino and now works as a director across various organisations worldwide including Protection & Indemnity Clubs, ship-owners associations, classification societies and non-profit organizations

It is reported that Forsters, the Mayfair law group representing Ms Staveley, has advised the 50-year-old that no bankruptcy order could be served while the debt is in dispute.

Representatives for Mr Restis have disagreed with that. His spokesman said: "Mr Restis has instructed Francis Wilks & Jones solicitors to recover an outstanding balance on a loan dating from 2008 from Amanda Staveley and any application by her legal representatives to set aside our client's statutory demand totalling £36,841,287 (plus continuing daily interest) will be vigorously opposed."