Newcastle co-owner welcomes court ruling in bankruptcy case

NEWCASTLE United co-owner Amanda Staveley has welcomed a ruling in a multimillion-pound legal battle.

However, she still faces having to pay a Greek shipping magnate more than £3m after a High Court legal battle.

Ms Staveley had been issued with a bankruptcy petition by businessman Victor Restis, who claimed she was liable to pay him £3.4m owed from an investment he made in her business ventures.

The businesswoman had applied to the High Court to throw out Mr Restis’ application, with her lawyers telling a hearing earlier in March that she had “substantial ground for denying liability” and the dispute should be settled out of court.

Ted Loveday, representing Ms Staveley, previously told the court it was “common ground” that Mr

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Restis had made a £10m investment in Ms Staveley’s business ventures in 2008. He said there was “plainly a degree of ambiguity about whether this was a loan or some other form of investment”.

Mr Restis initially issued a statutory demand in May 2023 for a total of £36.8m, which included the outstanding loan sum of £3.4m and “exorbitant” interest of £31.3m, her legal team said. In a judgment

Geremi. yesterday, Deputy Insolvency and Companies Court Judge Daniel Schaffer dismissed her bid, ruling the dispute should be dealt with in court and that Ms Staveley was liable to pay the sum.

Reading out his judgment at London’s Rolls Building, he said: “The demand totalling £3.4m is sound.”

A statement from Staveley yesterday read: “Amanda Staveley notes the ruling of the High Court

Sam Allardyce was on a hiding to nothing once Mike Ashley took over the club Writing was on the wall for Allardyce after Mike Ashley took over the reins at St James’