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.
Â
"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.
[A] pictute of banks working side-by-side with 1MDB as it accumulated worrying levels of debt and became the subject of growing controversy which, in the words of the Swiss financial regulator, looks like a case of "blatant and massive corruption". U.S. authorities have asked the banks to provide details of their dealings with the fund.
Singapore - The Full Wiki
Breaking News. Metro Exodus is on the Xbox Game Pass for PC; Analyst: If Bitcoin (BTC) Breaks Below $7,500, a 10% Drop Would Be in Play; Soccer: Parris and White strike to give England victory over Scotland
Football: Parris and White strike to give England victory
sportstons.com/soccer/football-parris-and-white-strike-to-give-england-victory-over-scotland/
Football: Parris and White strike to give England victory over Scotland NICE (REUTERS) - England's Nikita Parris and Ellen White scored first-half goals as the Lionesses defeated neighbours Scotland 2-1 on Sunday (June 9) to make a strong start to their women's World Cup campaign.
Soccer: Parris and White strike to give England victory over
Italian legend named new coach of China. Italian World Cup-winning captain Fabio Cannavaro was named coach of China on Friday, spearheading the ambitious country's attempts to become a
Italian legend Cannavaro named new coach of China | Free
Madrid plans 'robust' security for all-English Champions
Translate Kill. See 14 authoritative translations of Kill in Spanish with example sentences, conjugations and audio pronunciations.
Newcastle United to rival Barcelona for the signing of
"Premier League clubs will represent these views at the European Club Association meeting in Malta on Thursday and Friday (6 and 7 June)." Outgoing Premier League boss Richard Scudamore has previously spoken to BBC Radio 5 Live's Sportsweek to express his concerns about what such changes could do to the game.
EPL clubs opposed to European changes - straitstimes.com
Football: PSG thrash Dijon in first outing since Champions League nightmare PARIS (AFP) - Paris Saint-Germain shook off their Champions League hangover and resumed their canter towards another French Ligue 1 football title on Tuesday (March 12), as they cruised to a 4-0 win in Dijon.
PSG Win in First Outing Since Champions League Nightmare
Warnock hails Cardiff's heart as Bluebirds win again for Sala Kenneth Zohore snatched a dramatic winner after Southampton had equalised in stoppage time.
Warnock hails Cardiff's heart as Bluebirds win again for Sala
Watch Chicago Cubs on Apple Devices (iPhone, iPod Touch & iPad) To watch Chicago Cubs games live on your Apple device download the MLB At Bat iPhone app and MLB At Bat iPad app then sign up for MLB.TV. MLB At Bat features a MLB.TV Free Game of the Day, and in-Game Highlights.
How to Watch The Chicago Cubs Live Without Cable in 2019
Pep Guardiola has categorically denied reports suggesting that he is set to leave Manchester City and become the manager of Juventus this summer. Reports in Italy on Friday suggested that
Serie A: Juventus deny any interest in Guardiola
WOLVERHAMPTON, England, (Reuters) - Wolverhampton Wanderers reached the FA Cup semi-finals for the first time since 1998 by beating last year's runners-up Manchester United 2-1 with a clinical
Football: Jimenez, Jota slay Man United as Wolves reach FA
watch coppa america live streaming quality
watch champions league live streaming xfinity
watch premier league live stream reddit
super soccer tv live streaming persib
watch coppa america live streaming in india
watch coppa america live streaming sctv
watch uefa champions league draw live streaming free online
watch champions league final online free live streaming
watch premier league live streaming quality
watch coppa america live streaming ronaldo7
watch coppa america live streaming indonesia
watch epl live streaming on iphone
watch champions league live streaming match
watch soccer live streaming zimbabwe
watch coppa america live streaming now
watch champions league live streaming jamaica
watch champions league live streaming xbox one
watch champions league live streaming eng
watch coppa america live streaming total sportek
watch champions league live streaming now
watch uefa champions league live streaming free online youtube
watch soccer game live espn
watch soccer live - live football streaming
watch champions league live streaming mobile
watch uefa champions league draw live streaming
watch soccer online free streaming live reddit
watch soccer aid live stream online
watch coppa america live streaming vf
live ipl live streaming- watch indian premier league 2013 online
watch champions league live streaming now tv
watch champions league live streaming vk
watch soccer online free streaming live hd
watch soccer online free streaming live without registration
watch coppa america live streaming hotstar
watch soccer game live now
watch bangladesh premier league live streaming free
watch soccer aid live stream
watch uefa champions league draw live streaming youtube
watch champions league live streaming pakistan
watch sky sports premier league live streaming
watch uefa champions league quarter final draw live streaming
watch live streaming soccer games
watch the champions league live stream
watch coppa america live streaming canada
watch soccer online free streaming live first row
watch soccer games live stream free app
watch live soccer streaming on iphone
super soccer tv live streaming indonesia
free live football streams watch live streaming tv premier league
watch soccer am online live streaming
watch soccer live streaming xbox
watch soccer online free streaming live india
watch soccer online free streaming live
watch live soccer streaming on android
watch hd soccer live streaming free
watch champions league online free live streaming hd
how to watch uefa champions league live streaming
watch coppa america live streaming india vs england
watch coppa america live streaming online free
watch coppa america live streaming australia
watch coppa america live streaming ronaldo 7
watch coppa america live streaming gratis
watch live premier league football streaming online for free iraqgoals
watch coppa america live streaming jamaica
watch soccer online free live streaming livetv ru
watch soccer online free streaming live batman
watch coppa america live streaming twitch
watch soccer live stream app
watch premier league games live stream
watch soccer world cup live streaming
watch champions league live streaming juventus
watch soccer games live stream free
watch coppa america live streaming reddit
watch champions league live streaming ptv sports
watch bangladesh premier league live streaming online free
watch coppa america live streaming tv
watch soccer online free streaming live canada
watch premier league live streaming xbox one
watch soccer live streaming hd
watch champions league live streaming bola
watch live streaming soccer manchester united
watch uefa champions league live streaming free online
watch champions league soccer live streaming
watch us soccer live stream
watch champions league soccer live streaming
free watch soccer live streaming
watch coppa america live streaming yify
watch coppa america live streaming hd
watch live premier league football streaming online for free
watch champions league final live streaming online
watch champions league live streaming vf
khan tv pw watch indian premier league 2018 live streaming
watch soccer online free live streaming hd
super soccer tv live streaming piala dunia
soccer tv live football streaming reddit
watch live soccer online free streaming now
#klopp #Bar #freekick #realmadrid #lfc #risate #leomessi #fcbarcelona #golf #comics #sixtimes #MyDubai #kroenkeout #nutmeg #salah #arsenalnews #Suarez #afcnews #frasitrap #zinedinezidane #kickoff #BMW #bayern #zidane #tokyo #livestreams #GarageCafeDxb #calciatoribrutti #thebeatles #lionelmessi #Fcb #manchestercity #liverpoolfc #sunderlandafc #linkstreaming #beatifulgame #mancityvsliverpool #paulmcartney #realmadridcf #MSport #Celtic #coutinho #petercrouch #Liverpool #footballschedule #streamingbolaid #girlsniteout #hotcoffee #oasisofficial #cappucino #knuckleball #sumbertv #lovefootball #england #messi #liverpoolfans #villarealcf #mane #elcasico #manchesterunited #roadtrip #liverpool #4Series #ballondor #soccer #champion #frasirap #footballmeme #adidasslipon #myfootballuniverse #cristianoronaldo #noelgallagher #433skills #mancity #livestreaming #kopisusu #soccerbible #transfernews #Barca #liverpool #footballmemes #mensnightout #meunier #chocolate #coys #fut #insegreto
No comments:
Post a Comment