UK Court Rules in Favor of Victor Restis in Debt Dispute

Scales of justice
Updated Published

In a legal battle at the London High Court, Greek shipping magnate Victor Restis emerged victorious against Amanda Staveley, co-owner of Newcastle United, over a longstanding debt dispute amounting to £3.4 million ($4.3 million).

The court ruled against the UK sports financier's attempt to annul a bankruptcy petition Restis filed last year, stemming from claims she failed to repay a significant debt. This legal contention traces back to 2008 when Restis, head of Enterprises Shipping and Trading, invested £10 million in ventures led by Staveley.

Originally, Restis demanded a total of £36.8 million in May 2023, alleging Staveley was personally accountable for not only the £3.4 million loan but also £2.1 million in legal expenses and £31.3 million in interest. Subsequently, Restis withdrew his claims for the interest and legal fees.

The court, led by Judge Daniel Schaffer, dismissed Staveley's arguments for resolving the dispute via arbitration and her allegations of undue pressure by Restis regarding the debt. Staveley, now personally liable for the debt, has a 21-day deadline to settle the amount with Restis, failing which he can request the court to issue a bankruptcy order against her.

Staveley played a pivotal role in the £300 million acquisition of Newcastle in 2021 by Saudi Arabia's Public Investment Fund and is a member of the football club's board. Following the court's decision, Staveley announced her intention to appeal the ruling.