February 28, (THEWILL) – Amanda Staveley, co-owner of English Premier League football club, Newcastle United, has made a legal appeal to overturn a bankruptcy petition filed against her last May by Greek shipping magnate, Victor Restis. The petition alleges that Staveley owes Restis over £36 million stemming from a 2008 investment agreement.
In court filings, Staveley contends that the original £10 million investment was ambiguous in nature and did not constitute a personal loan. Her attorney argues that she was coerced into signing amended agreements between 2017 and 2021 that made her personally liable.
However, lawyers for Restis assert there is no proof of undue influence and that a 2021 contract supersedes prior ones. The complex business dispute is ongoing, with the next court date set for March 19th.
In the meantime, Newcastle continue their up-and-down season, currently sitting 9th in the table after a heavy 4-1 defeat to Arsenal last weekend. Still, the team secured progression to the FA Cup quarterfinals with a penalty shootout win over Blackburn Rovers on Tuesday night.
The legal drama involving Staveley comes just over a year after the Saudi-backed consortium, of which she was a key architect, took control of Newcastle. Despite significant January transfer investment, the club remains without a major trophy since 1969 and faces uncertainty amidst boardroom financial quarrelling.
Jude Obafemi is a versatile senior Correspondent at THEWILL Newspapers, excelling in sourcing, researching, and delivering sports news stories for both print and digital publications.
