SINGAPORE - The media agency that gave the Football membership of Singapore (FAS) its biggest-ever partnership settlement - a $25 million, six-year exclusive rights accord - in 2015, is set to wind up, behind doubts now hanging beyond the event of recovering some $3 million in unpaid rights fees.MP & Silva (MPS) has witnessed its London headquarters stated insolvent by Britain's high Court of Justice, and its Singapore office is now set to follow upon 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 intended that it was unable to continue conduct yourself 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 creature assets auctioned off for some $22,000. A visit to its Singapore headquarters at Infinite Studios, just off Portsdown Avenue upon Friday, stated the fact: The MPS state upon the wall was all that remained in what was an blank office.A meeting for MPS' creditors was held upon Dec 12 at PwC's offices, behind the company's full upholding of accounts presented. The Straits become old 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 occurring at an fantastic general meeting scheduled earlier that day."We had to case in the best interests of the company as without difficulty as its creditors. We couldn't continue conduct yourself event - and paying salaries - behind the company was beautiful much grounded in a divulge where it couldn't essentially reach business," he said, upon condition of anonymity. related StoryFootball: FAS looking to affirmation unpaid rights fees from media agency MP & Silva
"It was inevitable that one of our creditors would file for liquidation behind 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. below their leadership, it became the biggest artist in the global sports media rights market, holding the promote rights to major competitions such as the summit 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 create payments to several further creditors, including the English Premier League, Italian Serie A, and German Bundesliga.On Dec 1, The become old 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) settlement behind the Football membership of Malaysia (FAM), also signed in 2015, was been terminated and the event is now below arbitration.Its Singapore office also faced issues.Sources revealed that MPS' action president and chief presidency Seamus O'Brien, who allied lonesome in January, left the organisation in August.He was followed out the entre by Wu Swee Sin, MPS' Asia-Pacific managing director, along behind several further management-level staff, leaving behind what sources sky was a skeleton crew of junior staff numbering fewer than 10.The long-lasting staff had their hands tied because of the company's authenticated issues and are understood to have conducted little to no event beyond the last five months.ST understands that long-lasting employees had their contracts terminated in mid-November without any guarantees of creature abundantly paid for the one-month proclamation required past the withdrawal of contracts. Staff were asked by liquidators to assent proof of what the company still owes to them, and have already provided the required documentation.Staff are usually the first creditors paid behind a company undergoes liquidation, but that can lonesome happen after liquidators - in this case PwC - receive a court order to liquidate.
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Home » News » Sports » Liverpool held at Everton to surrender top spot in Premier League Liverpool held at Everton to surrender top spot in Premier League On March 3, 2019 7:16 pm In Sports by
Liverpool held at Everton to surrender top spot in Premier League
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A version of this article appeared in the print edition of The Straits Times on January 05, 2019, with the headline 'No talks yet with bosses about me staying on: Solskjaer'. Print Edition | Subscribe
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It's been said that, on average, 30% of a language is idiom and expressions. Dutch is actually 98.7%. Well maybe not that high, but be prepared for utter confusion when cows, monkeys, windmills and weather barge into your everyday casual conversations. Funny Dutch expressions. 1. (Nu komt de aap uit de mouw)
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Salford City backers 'Class of 92' and Peter Lim bankroll £2.4m climb towards the English Football League. Salford have been promoted three times in four seasons since takeover in 2014; Adam Rooney signed from Aberdeen on a reported £4,000-per-week contract; Now one point behind Orient in race for automatic promotion to Football League
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