Amanda Staveley in courtroom over £37m chapter row with ex-Man City director
Newcastle co-owner Amanda Staveley is due in courtroom over a chapter row with a former Manchester City director.
It emerged final summer time that Magpies director, who was pivotal to getting the membership’s Saudi-backed takeover accomplished in 2021, had requested the High Court to cease Greek delivery magnate Victor Restis from forcing her to declare chapter. The case might be heard in London on Wednesday, February 28.
Restis, a director at City on the finish of earlier proprietor Thaksin Shinawatra’s reign and following the takeover by Sheikh Mansour in 2008, claimed Staveley did not pay him £37million from 15 years in the past. The Mirror report Staveley is assured the chapter petition might be thrown out by the Insolvency and Companies Court.
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It is believed that Staveley is claiming the debt pertains to a £10million fairness funding by Restis in 2008, with £7million being paid again, leaving £3million.
Meanwhile, a spokesperson for Restis informed The Telegraph final summer time: “Mr Restis has instructed Francis Wilks & Jones solicitors to recover an outstanding balance on a loan dating from 2008 from Amanda Staveley and any application by her legal representatives to set aside our client’s statutory demand totalling £36,841,287 [plus continuing daily interest] will be vigorously opposed.”
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Deputy Insolvency and Companies Court Judge Schaffer is listed to supervise the case at 11.30am on Wednesday. Amanda Louise Staveley is listed because the ‘case name’.
In a separate improvement, Yorkshire-born Staveley’s stake in Newcastle has shrunk from 10% to six%, with the Reuben household’s curiosity rising from 10% to 14%. The controlling 80% stake belongs to Saudi Arabia’s Public Investment (PIF). Staveley’s shareholding has been diluted as her money injections haven’t matched these of PIF nor the Reubens.
Newcastle’s newest accounts stated that Staveley was given £659,000 of membership funds for authorized charges on August 31 final yr. She was additionally given £600,000 on November 7, 2022 for authorized charges.
Club sources declined to inform the Mirror what the cash was for, solely that it was a matter for Staveley. The accounts say the sums had been loans and could be repaid. Cantervale, Staveley’s firm, was paid £312,000 for advisory companies within the yr to July 2023. It was additionally paid £937,500 in 2022.
