Newcastle United co-owner Amanda Staveley has been plunged into a bankruptcy row.
According to The Telegraph, Staveley was set to ask the High Court on Wednesday to block a billionaire from bankrupting her.
The report claims she is in a multi-million pound legal battle with Victor Restis, a Greek shipping tycoon, over allegations she never repaid a loan of more than £35million dating back to 2008.
Restis has issued Staveley - who is married to fellow Newcastle co-owner Mehrdad Ghodoussi - with a statutory demand for the payment.
This is a formal ultimatum for the debt to be settled within 21 days. If it is not paid within that time, or set aside by judges, non-payment can result in a petition for the court to issue a bankruptcy order.
Back in June, Staveley's lawyers applied to the High Court to have this statutory demand 'set aside', which would prevent her being faced with a bankruptcy order if the debt is not paid within that allotted time period.
A hearing was scheduled at 11:30AM on Wednesday, with Staveley - whose net worth is a reported to be £110m - pictured arriving at the High Court.
Along with the statutory demand, Restis also issued PCP Capital Partners LLP, a company where Staveley is a director, with a winding-up petition.
However, the company has not traded for five years and changed its name to Apollo Belvedere Services LLP last June.
Restis and Staveley have history, with the Greek businessman lined up as a witness for the Newcastle co-owner during a court battle with Barclays worth £1.5bn three years ago.
The court battle was in regards to Staveley's role in an emergency rescue of the bank back during the financial crisis, although the 50-year-old's lawyers ultimately didn't use or require Restis' evidence.
Staveley failed to win any damages in the case, which came at the same time as she was helping Newcastle's PIF take over at Newcastle, which was eventually confirmed in October 2021.
Her lawyers are believed to be confident that a bankruptcy order will not be served given the alleged debt is disputed, but Restis' representatives disagreed.
A spokesman for Restis told The Telegraph: '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.'