Shipowner Restis Prevails in High Court Battle Against Staveley

London High Court Rules in Favor of Restis in Debt Dispute with Newcastle United Co-owner

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Greek shipowner Victor Restis has emerged victorious in a legal dispute against Newcastle United co-owner Amanda Staveley within the confines of the London High Court, revolving around a substantial debt amounting to £3.4 million ($4.3 million) of historical significance.

The litigation, presided over by the High Court on Monday, saw the UK sports financier, Amanda Staveley, contesting a bankruptcy petition initiated by Restis last year, citing allegations of non-repayment of a multimillion-pound debt. However, the court dismissed Staveley’s endeavor to invalidate the bankruptcy petition.

The origins of the disagreement trace back to 2008 when Victor Restis, who commands authority over the bulker and tanker owning entity, Enterprises Shipping and Trading, injected £10 million into Amanda Staveley’s entrepreneurial ventures.

In May 2023, Restis issued a statutory demand against Staveley, seeking a total of £36.8 million, comprising the outstanding loan principal of £3.4 million, legal costs amounting to £2.1 million, and £31.3 million in interest. However, subsequent to this demand, the shipping magnate retracted his claims for interest and legal expenses.

Staveley’s contentions proposing arbitration as the preferred mode of resolution or asserting undue pressure exerted by Restis to acquire the debt were both rebuffed by Judge Daniel Schaffer. The ruling affirmed Staveley’s personal liability for the debt in question.

Per the terms of the statutory demand, Staveley is obligated to settle the debt with Restis within a stipulated period of 21 days, failing which Restis reserves the right to petition the court for a bankruptcy order against her.

Amanda Staveley, instrumental in orchestrating the £300 million acquisition of Newcastle in 2021 on behalf of Saudi Arabia’s Public Investment Fund and holding a seat on the Premier League club’s board, expressed her intention to challenge the verdict through an appellate process, as conveyed in a formal statement.

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