The payment will be directed to Greek shipping magnate Victor Restis and must be completed by April 22.
A High Court judge has ruled that Amanda Staveley, co-owner of Newcastle United, must pay £3.4 million to Greek shipping magnate Victor Restis by April 22, following a legal dispute over a financial agreement dating back to 2008, according to a report published by The Athletic. Failure to pay could result in a bankruptcy order against her.
Judge Daniel Schaffer issued the verdict on Monday, dismissing Staveley’s attempt to have the claim thrown out.
“Amanda Staveley notes the ruling of the High Court today on her application to have set aside a statutory demand brought by Victor Restis. Ms. Staveley notes and welcomes that the ruling made a £33 million reduction in the claim to principal only with no interest. Nevertheless, Ms. Staveley continues to dispute personal liability and intends to lodge an appeal,” a spokesperson for Staveley stated following the decision.
Staveley, who played a key role in the Saudi Arabia Public Investment Fund-backed consortium’s acquisition of Newcastle United for £300 million in 2021, was not present in court. She has already taken steps to challenge the ruling by filing for an appeal on April 16, which, if permitted, is expected to be heard later this year.
The controversy centers on a financial arrangement between Staveley and Restis, who in September 2008 agreed to invest £10 million in her business ventures. There is some ambiguity about whether this was a loan or another form of investment.
Staveley contended that the funds were intended to bid for the property company Trillium. By 2014, she had repaid just over £6 million, leaving an outstanding balance of £3.4 million.
Restis responded in May 2023 by issuing a statutory demand for £36.8 million, including the remaining £3.4 million from the original loan, £2.1 million in legal costs and expenses, and £31.3 million in interest. Claims for interest and legal expenses were later dropped, reducing the demand.
During the court proceedings, Staveley’s legal representative, Ted Loveday, argued that the matter should be resolved through arbitration rather than court and suggested that the loan agreements were influenced by duress, undue influence, and misrepresentation. These arguments were ultimately dismissed by Judge Schaffer.
Schaffer also rejected Staveley’s claim that she was not personally liable for the loan and disputed her assertion that Restis had taken advantage of her condition—Huntington’s disease, a genetic disorder she inherited from her mother, which she claimed had affected her thinking during the negotiations. The judge noted that her condition had stabilized by the time the agreements were reached in 2021.