Newcastle United £300m takeover company liquidated after High Court dispute & ownership sale
A company owned by former Newcastle United co-owner Amanda Staveley has been liquidated following a multi-million-pound dispute.
Staveley’s Apollo Belvedere Services - formerly known as PCP Capital Partners - was liquidated by a London judge last week following a petition filed by Greek shipping magnate Victor Restis over a dispute surrounding a £10million loan made to Staveley in 2008. PCP Capital Partners were part of the original consortium that completed the £300million takeover of Newcastle United alongside the Saudi Arabian Public Investment Fund and RB Sports & Media in 2021.
PCP Capital Partners initially held a 10% ownership stake in Newcastle that was later reduced and then sold by Staveley over the summer. Staveley’s exit from Newcastle came after she was ordered by pay Restis £3.5million after losing a High Court Battle to block a statutory demand back in March.
Restis has also sought interest payments on the loan, rejecting an offer of £1.6million and instead pursued a winding up order against Apollo Belvedere.
According to the Financial Times Restis would now look to appoint specialist insolvency practitioners as liquidators of the company to conduct an investigation into its affairs.
Staveley was part of the Newcastle ownership group from the takeover in October 2021 to the sale of her remaining shares in July 2024.
Following her departure, she issued a message to supporters which read: "I am devastated. It’s such a wonderful club, so it feels very bittersweet. It has become part of my DNA, something you love so much and don’t want to let go. It’s very painful."
Staveley’s departure has seen PIF’s stake increase to 85% and RB Sports & Media’s stake increase to 15%.