Football: MP & Silva's Singapore office in provisional liquidation following London HQ's insolvency

Football: MP & Silva's Singapore office in provisional liquidation following London HQ's insolvency

SINGAPORE - The media agency that gave the Football Association of Singapore (FAS) its biggest-ever partnership deal - a $25 million, six-year exclusive rights agreement - in 2015, is set to wind up, with doubts now hanging over the matter of recovering some $3 million in unpaid rights fees.
MP & Silva (MPS) has witnessed its London headquarters declared insolvent by Britain's High Court of Justice, and its Singapore office is now set to follow on the same path.
On Nov 19, PricewaterhouseCoopers' (PwC) Goh Thien Phong and Chan Kheng Tek were appointed as provisional liquidators of MPS after the company decided that existing liabilities meant that it was unable to continue doing business.
The Accounting and Corporate Regulatory Authority's (Acra) website lists MPS' status as "in liquidation - creditors' voluntary winding up".
MPS' accounts have been frozen, its staff contracts terminated, and all its physical assets auctioned off for some $22,000. A visit to its Singapore headquarters at Infinite Studios, just off Portsdown Avenue on Friday, confirmed the fact: The MPS name on the wall was all that remained in what was an empty office.
A meeting for MPS' creditors was held on Dec 12 at PwC's offices, with the company's full statement of accounts presented. The Straits Times understands that representatives of the FAS were present at the meeting, in a bid to recover monies from MPS.
A former MPS employee who was present revealed that creditors were informed that not a single shareholder of the company turned up at an extraordinary general meeting scheduled earlier that day.
"We had to act in the best interests of the company as well as its creditors. We couldn't continue doing business - and paying salaries - when the company was pretty much stuck in a state where it couldn't really do business," he said, on condition of anonymity.

 
"It was inevitable that one of our creditors would file for liquidation like it happened in the UK."
MPS was founded in 2004 by Italian businessmen Riccardo Silva and Andrea Radrizzani, the owner of English Championship side Leeds United. Under their leadership, it became the biggest player in the global sports media rights market, holding the broadcast rights to major competitions such as the top English, German and Italian leagues, and Formula One.
The pair sold a 65 per cent stake to Chinese companies Everbright Securities and Beijing Baofeng Technology for US$1 billion (S$1.38 billion) two years ago.
Problems started to surface soon after.
MPS reportedly failed to make payments to several other creditors, including the English Premier League, Italian Serie A, and German Bundesliga.
On Dec 1, The Times of London reported that PwC was seeking a High Court order to appoint it as provisional liquidator in order to prevent a "scramble" for €4.32 million (S$6.75 million) in the bank accounts of MPS' Irish subsidiary, which reportedly owes €55.3 million to creditors.
Across the Causeway, MPS' 15-year, RM1.2 billion (S$395 million) deal with the Football Association of Malaysia (FAM), also signed in 2015, was been terminated and the matter is now under arbitration.
Its Singapore office also faced issues.
Sources revealed that MPS' group president and chief executive Seamus O'Brien, who joined only in January, left the organisation in August.
He was followed out the door by Wu Swee Sin, MPS' Asia-Pacific managing director, along with several other management-level staff, leaving what sources reveal was a skeleton crew of junior staff numbering fewer than 10.
The remaining staff had their hands tied because of the company's legal issues and are understood to have conducted little to no business over the last five months.
ST understands that remaining employees had their contracts terminated in mid-November without any guarantees of being fully paid for the one-month notice required before the termination of contracts. Staff were asked by liquidators to submit proof of what the company still owes to them, and have already provided the required documentation.
Staff are usually the first creditors paid when a company undergoes liquidation, but that can only happen after liquidators - in this case PwC - receive a court order to liquidate.



Football: China strips South Korea of Panda Cup for 'indecent' celebrations despite team's apology SHANGHAI (AFP) - South Korea's victorious under-18 team were stripped of the Panda Cup on Thursday (May 30), after they infuriated hosts China with their celebrations.
China strips South Korea of football trophy for 'indecent



Soccer Football - Champions League Semi Final First Leg - Tottenham Hotspur v Ajax Amsterdam - Tottenham Hotspur Stadium, London, Britain - April 30, 2019 Ajax's Donny van de Beek scores their first
Van de Beek gives Ajax edge over Tottenham in semi-final


V-Varen Nagasaki v Niigata "liveStream"(live) | Aarhus vs



Jul 01, 2012 · switch to the UK edition André Villas-Boas poised to take the reins at Tottenham Hotspur He earns £170,000 a week at the Etihad Stadium, an amount Spurs cannot match.



MADRID • Spanish police yesterday arrested several footballers, former players and club executives as part of a match-fixing investigation. Daily El Pais revealed former player Raul Bravo, who played for Real Madrid and was an ex-Spain international; Borja Fernandez, who retired earlier this month following the end of Valladolid's LaLiga season; and ex-Sevilla player Carlos Aranda were among
Players nabbed in Spain fixing probe - Virginia Bus
virginiabus.info/sports/players-nabbed-in-spain-fixing-probe/
MADRID • Spanish police yesterday arrested several footballers, former players and club executives as part of a match-fixing investigation. Daily El Pais revealed former player Raul Bravo, who played for Real Madrid and was an ex-Spain international; Borja Fernandez, who retired earlier this month following the end of Valladolid's LaLiga season; and ex-Sevilla player Carlos […]
Players probed in Spanish football match-fixing swoop | Sport24



Alexandre Lacazette was sent off as Arsenal suffered an embarrassing defeat to BATE Borisov in the first leg of their Europa League last-32 clash in Belarus. See how the action unfolded with
Updated: Chelsea edge out Malmo as Arsenal suffer Europa



The three key positions Arsenal must spend their £40m budget on this summer and who to sign. The Gunners have a limited budget after missing out on Champions League football again so who could they target to make the most of their millions?
Unai Emery: Some Arsenal players must leave after Europa



A six-year-old boy in England is reportedly in critical condition after falling 15 feet from a roller coaster at Lightwater Valley Theme Park. The child was medevacked to Leeds General Infirmary
The North American review. / Volume 146, Note on Digital
memory.loc.gov/ndlpcoop/nicmoas/nora/nora0146.sgm
known that it was the foot of man, he must have known that no other animal was capable of making it, and he must have known that no other being had produced in the sand the likeness of this human foot. You see what you call evidences of intelligence in the universe, and you draw the conclusion that there must be an infinite intelli- gence.
fall - Wiktionary



NEW Kids Tactical Vest Kit for Nerf N-strike Elite Series Toy Hot. Brand New. $7.29 7 product ratings - Nerf Vest Kids Tactical Jacket Foam Darts Bullet Kit Set
The leaders of the Youth Climate Strike are ready to tackle


Football: Solskjaer praises buccaneering Man United players



Zaha sees appeal against ban for sarcastic clap at referee dismissed. The Football Association (FA Wilfried Zaha will be suspended for Crystal Palace's game against Doncaster Rovers in
FA bans Palace's Zaha for referee sarcastic clap


live ipl live streaming- watch indian premier league 2013 online
watch premier league darts live stream
watch premier league live streaming live
watch soccer live streaming qatar vs philippines
watch live soccer streaming free android
watch champions league semi final draw live stream
watch live streaming of premier league football
watch champions league live streaming espn
watch live soccer streaming on android
watch coppa america live streaming qatar
watch soccer games live stream free
watch coppa america live streaming bola
watch coppa america live streaming rcti
watch uefa champions league live streaming free online
watch coppa america live streaming youtube
where to watch premier league live streaming
watch champions league live stream gratis
watch soccer online free streaming live
watch arsenal southampton premier league live stream
watch champions league simulcast live stream
how to watch soccer live streaming free
watch coppa america live streaming in india
watch live streaming soccer games
watch soccer live streaming zee tv
watch live stream soccer games online free
watch champions league live streaming putlockers
watch soccer online free live streaming hd
watch champions league live streaming malaysia
watch sky sports premier league live streaming
watch premier league live streaming juventus
watch usa soccer live stream
live football watch free live football streaming free soccer
watch coppa america live streaming world
watch coppa america live streaming free online
watch champions league live stream uk
watch coppa america live streaming pc
watch soccer online free live streaming livetv ru
watch soccer live - live football streaming
watch uefa champions league live streaming sportek
watch premier league games live stream
watch soccer live streaming xbox one
watch coppa america live streaming reddit
watch coppa america live streaming tv
watch coppa america live streaming ronaldo7
watch coppa america live streaming twitch
watch soccer online free streaming live hd
watch afghanistan premier league live stream
watch soccer live streaming mobile
watch coppa america live streaming philippines
watch premier league live streaming online
watch champions league live streaming live free
watch soccer online free streaming live without registration
watch soccer live streaming xbox
watch premier league matches live streaming
watch bangladesh premier league live streaming
watch champions league live streaming zee5
super soccer tv live streaming persib
watch soccer live streaming kenya
watch premier league live stream reddit
soccer tv live football streaming garuda select
how to watch uefa champions league live streaming
watch coppa america live streaming vf
watch barclays premier league online live streaming
watch coppa america live streaming english
watch soccer online free streaming live p2p
watch indian premier league live streaming
watch coppa america live streaming kenya
watch premier league net live stream channel
watch soccer online free streaming live manchester united
watch soccer online free streaming live bbc
soccer tv live football streaming gratuit
super soccer tv live streaming garuda select
watch coppa america live streaming app
watch coppa america live streaming xbox
watch champions league live streaming bein sport
watch champions league final online free live streaming
watch coppa america live streaming ufc
watch uefa champions league draw live streaming
watch premier league live streaming free
watch coppa america live streaming sub eng
watch champions league live streaming canada
watch coppa america live streaming manchester united
watch coppa america live streaming hotstar
watch coppa america live streaming totalsportek
where to watch free live soccer streaming online
watch premier league live streaming live free
watch soccer am live stream
watch coppa america live streaming australia
watch soccer live stream hunter
watch coppa america live streaming sctv
super soccer tv live streaming piala dunia
watch coppa america live streaming mexico
watch soccer live streaming xfinity
watch premier league stream reddit
watch coppa america live streaming cricfree
watch premier league live streaming xbox
watch coppa america live streaming game
watch premier league net live manchester united stream channel
watch premier league live streaming zee tv
watch coppa america live streaming india
watch premier league live streaming vf
watch barclays premier league live streaming online free
watch indian premier league live stream online
watch usa soccer live stream online
watch coppa america live streaming zee5
watch soccer online free streaming live canada
soccer tv live football streaming reddit
watch sky sports premier league online free streaming live
watch soccer online free streaming live world cup
watch champions league live streaming zee tv
watch coppa america live streaming usa
#Sunday #knuckleball #coys #leicestercity #kopisusu #coyg #oasisandbeatles #Celtic #PartyTime #premierleague #Vip45 #manchestercity #panini #messi #satira #england #rockstar #footballschedule #nikesoccer #gooners #petercrouch #liverpool #freekicks #fut #oudmehta #fcbarcelona #chocolatecoffee #chocolate #boxing #BMW #meunier #uefanationsleague #risate #cappucino #cristianoronaldo #henderson #villarealcf #goal #gunners #league1 #footballmemes #comics #serieatim #comico #frasirap #liverpool #soccerbible #golazo #klopp #paulmcartney #footballfans #hotcoffee #mensnightout #GarageCafeDxb #coffeebreak #bayervshoffenheim #jadwalbolahariini #freekick #thomasmeunier #americanfootball #neymar #goodday #conference #lfc #juventus #4Series #ballondor #24x7 #trollfootball #championship #bestshishacafedubai #cristiano #Liverpool #pagani #zidane #bundesliga #commento #kroenkeout

No comments:

Post a Comment