Sports star and Dragon’s Den partner to repay €9.5m to AIB
Published 09/05/2011 | 14:24
Former Kilkenny hurler DJ Carey and his partner, businesswoman Sarah Newman, were today ordered to repay almost €9.5m each to Allied Irish Banks.
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.