Newcastle co-owner faces bankruptcy hearing

Amanda Staveley, the key figure behind the Saudi takeover bid for Newcastle United, is facing a legal challenge as she seeks to have a bankruptcy petition against her dismissed.

The petition, brought by Greek shipping magnate Victor Restis, alleges that Staveley owes him £37m from a transaction dating back 15 years.

Staveley contends that the debt relates to a £10m equity investment made by Restis in 2008, of which £7m was repaid, leaving £3m outstanding.

This legal battle adds to Staveley’s history of financial disputes, including a high-profile case against Barclays, where she accused the bank of deceit in raising emergency funding.

Despite the court finding Barclays guilty of fraudulent misrepresentation, Staveley’s firm, PCP Capital, was not awarded damages.

In a separate development, Staveley’s stake in Newcastle United has been diluted from 10% to 6%, while the Reuben family’s stake has increased to 14%.

This change in ownership structure follows cash injections of up to £127m into the club by the Public Investment Fund of Saudi Arabia and the Reubens, which Staveley did not match, leading to her reduced shareholding.

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