Kieran Maguire cites £660m Amanda Staveley legal case as Newcastle United U-turn confirmed
Newcastle United may have binned Barclays as their bank of choice because of Amanda Staveley’s failed £660million legal claim against them.
That is the view of finance guru Kieran Maguire, speaking exclusively to Football Insider about the latest news from behind the scenes at St James’ Park.
As relayed by Maguire on Twitter on Wednesday (27 July), the Magpies have taken out an unspecified borrowing from HSBC.
The facility is secured by Newcastle’s future media rights and ticket sales.
The Tynesiders have historically banked with fellow British lenders Barclays.
Club grandee Amanda Staveley lost a £660m case against Barclays in February last year because they offered her clients Abu Dhabi Group a worse deal than they did Qatar as they sought funds during the 2008 financial crisis.
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Maguire suggests that her frosty relationship with Barclays may explain why Newcastle have now chosen to bank with rivals HSBC.
“If you take a look at the timeline, Barclays have been Newcastle’s bankers for a very long time, going back to the ownership of Sir John Hall,” he told Football Insider’s Adam Williams.
“Newcastle have regularly arranged facilities with Barclays. However, if you look at the relationship with Amanda Staveley and Barclays, that isn’t a positive one.
“She had a £660m legal claim against them that failed. Therefore, it is unlikely that she is going to want to have many dealings with them.”
The judge in the legal case found that Barclays were guilty of “serious receipt” despite the fact he ultimately ruled in their favour.
Sexist comments towards Staveley by Barclays executives were also uncovered in the proceedings.