Victor Restis wins ruling in UK debt court battle with Newcastle United co-owner 

Greek shipowner Victor Restis has triumphed over Newcastle United co-owner Amanda Staveley in a London High Court dispute involving a historic debt of £3.4m ($4.3m).

The UK sports financier’s attempt to set aside a bankruptcy petition filed by Restis last year over allegations that she didn’t pay back a multimillion-pound debt was dismissed by the High Court on Monday.

The dispute dates back to 2008, when Restis, who controls bulker and tanker owner Enterprises Shipping and Trading, invested £10m in Staveley’s business ventures.

Restis initially issued a statutory demand in May 2023 for a total of £36.8m, accusing Staveley of being personally liable for the outstanding loan sum of £3.4m, £2.1m in legal costs, and £31.3m in interest; however, the shipping tycoon has since dropped his demands for the interest and legal costs.

Staveley’s claims that the matter ought to be settled through arbitration or that Restis had improperly exerted pressure on her to acquire the debt were both rejected by Judge Daniel Schaffer, who ruled that Staveley was personally responsible for the debt.

Under the statutory demand, Staveley needs to pay Restis within 21 days, or he may petition the court for a bankruptcy order. 

Staveley helped facilitate the £300m takeover of Newcastle in 2021 on behalf of Saudi Arabia’s Public Investment Fund and sits on the board of the Premier League club. The businesswoman said in a statement that she would appeal against the ruling.