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.
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.
Johhnny Murtagh rode Motivator again in the Derby, but only after successfully appealing a three-day riding ban which would have ruled him out of the race. Motivator was a well-supported 3/1 favourite for the Derby, ahead Gypsy King at 7/2 and Dubawi at 5/1.
If you're not motivated for Spurs, there's no point in
Willian eager to stay at Chelsea despite exit rumours AFP January 12, 2019, 8:26 PM UTC Willian has been repeatedly linked with a move away from Stamford Bridge
Willian eager to stay at Chelsea despite exit rumours - World
Football: Villa into playoff final after shootout win over West Brom Aston Villa's Jack Grealish and John McGinn celebrate after winning the penalty shootout. (Reuters/Carl Recine)
West Bromwich Albion vs. Aston Villa - Football - espn.com
Rescuers ended their search on Thursday for the plane carrying Premier League soccer player Emiliano Sala, which disappeared over the English Channel three days ago, after saying there was little
Football: British rescuers end search for missing plane
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Every fan should dream of watching their team playing at Wembley, but we Spurs supporters will be hoping that we don't have to make a trip to the national stadium again for quite some time. Only
Spurs v Wolves Preview - YouTube
With his hat trick versus Switzerland, he's asked some big questions of Messi and co.
Hat-tricks Archives - Messi vs Ronaldo
messivsronaldo.net/tag/hat-tricks/
The world's greatest footballers - but who's the best? The battle of Messi vs Ronaldo has the world gripped. In this website, they go head to head in terms of goals, stats, achievements, abilities and much more.
Lionel Messi Talks Ronaldo, World's Best Players, Juventus
Chelsea draw 2-2 with Burnley, denting Champions League hopes Premier League football match between Chelsea and Burnley at Stamford Bridge in London on April 22, 2019. they were held to a
Chelsea held 2-2 by Burnley, denting Champions League hopes
TEHERAN (AFP) - Iran's largest stadium will host the women's national football team for the first time since the Islamic revolution, the semi-official news agency ISNA reported on Sunday (Dec 31)..
Iran women's national football team - Wikipedia
Win over Watford more like draw: Ole, Football News & Top
Kepa was fined one week's wages by Chelsea for his behaviour, but Sarri appeared keen to draw a line under the damaging row when he faced the media after the Tottenham game. Asked if Kepa was still his number one, Sarri said: "Of course. I think it was the right decision.
Maurizio Sarri: 'Disaster' settled Tottenham 1 - Chelsea 0
The Toffees are without three of their defenders as Yerry Mina, Leighton Baines and Phil Jagielka are all sidelined while Lucas Digne and Idrissa Gueye both are likely to feature for Silva's side. Digne was suspended and missed their 3-1 loss to Wolves while Gueye has recovered from a groin problem.
Pep Guardiola impressed by "incredible" Brendan Rodgers
According to the reports, Ranieri, has signed a multi-year contract with the club. Fulham, spending an astounding £100m on new players this summer, are still placed bottom after conceding a league-high 31 goals, having only managed five points from their 12 games this season. A probable reason why Jokanovic was fired without a second thought.
Transfer news LIVE: Man Utd sent Sanchez claims, Liverpool
An ever-present for Singapore so far in 2004, Baihakki Khaizan's rise to prominence has been an extremely swift one. In the National Football Academy age-group squads, he caught the eye with his 1.9m stature, instinctive confidence and composure at the back.
Singapore Football : No.1 Source for SG Football Compilation
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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.
Johhnny Murtagh rode Motivator again in the Derby, but only after successfully appealing a three-day riding ban which would have ruled him out of the race. Motivator was a well-supported 3/1 favourite for the Derby, ahead Gypsy King at 7/2 and Dubawi at 5/1.
If you're not motivated for Spurs, there's no point in
Willian eager to stay at Chelsea despite exit rumours AFP January 12, 2019, 8:26 PM UTC Willian has been repeatedly linked with a move away from Stamford Bridge
Willian eager to stay at Chelsea despite exit rumours - World
Football: Villa into playoff final after shootout win over West Brom Aston Villa's Jack Grealish and John McGinn celebrate after winning the penalty shootout. (Reuters/Carl Recine)
West Bromwich Albion vs. Aston Villa - Football - espn.com
Rescuers ended their search on Thursday for the plane carrying Premier League soccer player Emiliano Sala, which disappeared over the English Channel three days ago, after saying there was little
Football: British rescuers end search for missing plane
Password requirements: 6 to 30 characters long; ASCII characters only (characters found on a standard US keyboard); must contain at least 4 different symbols;
Every fan should dream of watching their team playing at Wembley, but we Spurs supporters will be hoping that we don't have to make a trip to the national stadium again for quite some time. Only
Spurs v Wolves Preview - YouTube
With his hat trick versus Switzerland, he's asked some big questions of Messi and co.
Hat-tricks Archives - Messi vs Ronaldo
messivsronaldo.net/tag/hat-tricks/
The world's greatest footballers - but who's the best? The battle of Messi vs Ronaldo has the world gripped. In this website, they go head to head in terms of goals, stats, achievements, abilities and much more.
Lionel Messi Talks Ronaldo, World's Best Players, Juventus
Chelsea draw 2-2 with Burnley, denting Champions League hopes Premier League football match between Chelsea and Burnley at Stamford Bridge in London on April 22, 2019. they were held to a
Chelsea held 2-2 by Burnley, denting Champions League hopes
TEHERAN (AFP) - Iran's largest stadium will host the women's national football team for the first time since the Islamic revolution, the semi-official news agency ISNA reported on Sunday (Dec 31)..
Iran women's national football team - Wikipedia
Win over Watford more like draw: Ole, Football News & Top
Kepa was fined one week's wages by Chelsea for his behaviour, but Sarri appeared keen to draw a line under the damaging row when he faced the media after the Tottenham game. Asked if Kepa was still his number one, Sarri said: "Of course. I think it was the right decision.
Maurizio Sarri: 'Disaster' settled Tottenham 1 - Chelsea 0
The Toffees are without three of their defenders as Yerry Mina, Leighton Baines and Phil Jagielka are all sidelined while Lucas Digne and Idrissa Gueye both are likely to feature for Silva's side. Digne was suspended and missed their 3-1 loss to Wolves while Gueye has recovered from a groin problem.
Pep Guardiola impressed by "incredible" Brendan Rodgers
According to the reports, Ranieri, has signed a multi-year contract with the club. Fulham, spending an astounding £100m on new players this summer, are still placed bottom after conceding a league-high 31 goals, having only managed five points from their 12 games this season. A probable reason why Jokanovic was fired without a second thought.
Transfer news LIVE: Man Utd sent Sanchez claims, Liverpool
An ever-present for Singapore so far in 2004, Baihakki Khaizan's rise to prominence has been an extremely swift one. In the National Football Academy age-group squads, he caught the eye with his 1.9m stature, instinctive confidence and composure at the back.
Singapore Football : No.1 Source for SG Football Compilation
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