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Wednesday 7 December 2016

Sports star and Dragon’s Den partner to repay €9.5m to AIB

Independent.ie reporters

Published 09/05/2011 | 14:24

Former Kilkenny hurler DJ Carey and his partner, businesswoman Sarah Newman
Former Kilkenny hurler DJ Carey and his partner, businesswoman Sarah Newman

Former Kilkenny hurler DJ Carey and his partner, businesswoman Sarah Newman, were today ordered to repay almost €9.5m each to Allied Irish Banks.

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Lawyers for the couple told the Commercial Court in Dublin today that they were not objecting to the orders. The debt relates to a mortgage taken out on a house at the K Club in Straffan, Co Kildare and to guarantees they gave for each other.

Well known sportsman, Mr Carey, took out a 20 year mortgage in April 2007 for just over €8m and he gave a guarantee of €1.5m in respect of his partner Sarah Newman, a former ‘dragon’ on the RTE show Dragon’s Den.

Ms Newman’s mortgage was for €1.5m and she guaranteed her partner’s liabilities up to €7.9m. The mortgage fell into arrears and the bank sought payment in March 2011.

Mr Justice allowed a stay of four weeks to allow Mr Carey to see if he can come up with a proposal to pay the debt. However, he refused a stay in the case of Ms Carey as the bank said it may be able to recover the debt through her property interests abroad.

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