Neil Inchcup and his assistant Cheryl Simmons are requesting a judicial review into the purchase of the vessel by the wife of another key player, Chris Trott.
The ship was auctioned last month, and was bought by Andrea Dismont-Trott, who bid $65,000 on behalf of a Bermuda-registered company called Jenga Management.
Before then, it was owned by the William Trust, of which Mr Inchcup is a beneficiary, and the Sirkus Trust, of which Mr Trott is a beneficiary.
Chief Justice Richard Ground had ordered it be auctioned to raise cash to pay three crew members owed a combined $40,000 in wages.
Mr Inchcup and Ms Simmons have applied for judicial review against the Attorney General, the Provost Marshall and the Registrar.
Their Supreme Court document states they are questioning: “The recent decision of the respondents (the Attorney General, the Provost Marshall and the Registrar) to accept and advertise as a sale, the transaction in respect of the Niobe Corinthian in circumstances indicating a payment of the indebtedness of the res by one of the beneficial owners.”
Court documents state that, until now, Mr Inchcup had been the public face of the Niobe Corinthian, with Mr Trott’s identity kept under wraps.
The vessel has been tethered at a dock in St David’s for several years after courting controversy over claims it flouted Bermuda’s gaming laws.
A Supreme Court hearing to determine how cash from the sale of the vessel will be divided up was adjourned last week and is due to take place on Thursday.