Newcastle United co-owner challenges £36m bankruptcy petition in court

Ms Staveley, who headed the Saudi-backed consortium that took over the football club in 2021, asked the Insolvency and Companies Court to set aside a demand served by Greek businessman Victor Restis in May last year.

The claimed figure comprises £3.4 million in principal, £2.1 million in “legal costs and expenses” and £31.3 million in interest, totalling £36.8 million, according to Staveley’s lawyers.

The specialist court heard it is “common ground” that Mr Restis agreed in 2008 to arrange a £10 million investment in Ms Staveley’s business ventures, but that there was “some ambiguity” about whether this was a loan or some other form of investment.

In May 2016, the parties entered an agreement.

According to written submissions by Ms Staveley’s lawyer, Ted Loveday, his client was told to sign various other documents and instruments between 2017 and 2021, which ultimately said she was personally liable and which incrementally topped up that liability.

“The various post-2016 instruments… were procured by duress, undue influence and/or misrepresentation,” Mr Loveday said.

“The debt of £3.4 million had morphed into a debt in excess of £10 million, and which was said to exceed £36 million by May 2023,” he added.

Ms Staveley claimed she felt intimidated into signing the post-2016 documents, the court heard.

A specialist judge was told that Mr Restis’ lawyer, John Neocleous, allegedly told Ms Staveley that the shipping magnate “was not a man to be messed with, that he was dangerous and that (she) should not cross him”.

Mr Loveday said in written submissions that she “worried for the safety of herself and her family”.

“Ms Staveley felt understandably intimidated and felt she had no option but to sign,” he added.