A company owned by former Newcastle United co-owner Amanda Staveley has been liquidated following a multi-million-pound dispute
A London judge this week dissolved Staveley’s Apollo Belvedere Services, previously PCP Capital Partners, in response to a case brought by Greek shipping tycoon Victor Restis about a disagreement over a £10 million loan that Staveley received in 2008. Along with RB Sports & Media and the Saudi Arabian Public Investment Fund, PCP Capital Partners was a member of the first group that successfully acquired Newcastle United for £300 million in 2021.
Originally, PCP Capital Partners owned 10% of Newcastle; however, during the summer, Staveley cut that investment to nothing. Staveley left Newcastle after being told to pay Restis £3.5 million following her defeat in a High Court battle to overturn a statutory claim in March.
In addition, Restis has requested interest payments on the debt; however, he turned down a £1.6 million offer and instead is pursuing an Apollo Belvedere winding up order.
The Financial Times reported that Restis intended to designate specialized insolvency professionals as the company’s liquidators in order to examine into its financial matters.
From the time of the takeover in October 2021 until the sale of her remaining shares in July 2024, Staveley was a member of the Newcastle ownership group.
She sent out a statement to her followers after leaving, saying, “I am saddened. It’s bittersweet since it’s such a great club. Something you love so much and don’t want to let go of has become a part of my DNA. It hurts a lot.”
With Staveley’s exit, PIF’s ownership has increased to 85%, while RB Sports & Media’s ownership has increased to 15%.
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