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.
Football: Noh Rahman embracing learning curve as Home United interim coach. Home United's new interim coach Noh Rahman guided the Protectors to a polished 3-0 win over Geylang International, but
Football: Noh Rahman embracing learning curve as Home United
ABU DHABI (REUTERS) - Almoez Ali scored with a spectacular overhead kick for a record ninth goal of the Asian Cup to set Qatar on their way to a first continental title with a stunning 3-1 win
Soccer: Ali on target as Qatar stun Japan to win first Asian Cup
Two goals from in-form Marko Arnautovic and Ryan Fredericks's debut EPL helped West Ham beat Southampton 3-0 at London Stadium on Saturday to complete their first league double over the Saints since 2001. Austrian Arnautovic, who had last found the net on January 2, bagged the opener after Yan Valery misdirected a 16th-minute pass to Mark
Arnautovic ends drought as West Ham sink Saints - Cyprus Mail
New chapter for Tottenham as stadium hosts first game which leads to the stadium, for the first of two test events. "I remember the feeling when we played our last game there, it was
Football: New chapter for Tottenham as stadium hosts first
Ole Gunnar Solskjaer boosted by Mourinho's work, claims Louis Van Gaal more exciting football in his time at the helm than they do now. Van Gaal's claims seem at odds with the more
Solskjaer boosted by Mourinho's work, claims Van Gaal - World
worldsoccertalk.com/2019/03/26/solskjaer-boosted-by-mourinhos-work-claims-van-gaal/
Van Gaal's claims seem at odds with the more entertaining football played by United since Solskjaer started a reign that looks set to bring him the manager's job on a permanent basis. "The way Manchester United are playing now is not the way Ferguson played," Van Gaal told the BBC on Tuesday. "It is defensive, counter-attacking football.
Rangers looked to strengthen their bid to win the Scottish Premiership title by announcing Sunday they had signed ex-England striker Jermain Defoe in a loan move. The 36-year-old Defoe, who has scored 162 goals in England's top flight, has joined Rangers from Premier League club Bournemouth in an 18-month deal.
Jermain Defoe completes loan move to title-chasing Rangers
Football: Albirex Niigata could sign up to four Singaporean players in a boost for 2019 SEA Games
Latest ALBIREX NIIGATA | The Straits Times
Ex-Dutch youth international Maguire seeks soaring start with Geylang The smaller crowds and stadiums of the Singapore Premier League (SPL) are a world away from the bright lights of elite football in Europe, but Barry Maguire sees his stint with Geylang International as a time to rebuild a career that is almost wrecked by injury.
Latest BARRY MAGUIRE | The Straits Times
Football: Son's late winner gives Tottenham edge over Man
'the national team'), represents Iran in international football competitions and is governed by the Iran Football Federation. From December 2014 until May 2018, the men's national football team of Iran [9] remained the highest-ranked team in Asia , representing the longest continuous period of time a team has been top of the continent in the
Is Iran easing its ban on female sports spectators? - BBC News
Dream debut for 18-year-old supersub as Northern Ireland snatch late victory over Korea which saw a Korean send the ball over his own line: as Korea awaited a free-kick into their box, Ward
Should the world fund food aid to North Korea? - The Guardian
Pep Guardiola claimed he still doesn't believe Manchester City can win the quadruple after his side reached the FA Cup final with a 1-0 win over Brighton on Saturday.
Guardiola coy over quadruple bid after City reach FA Cup final
SWAN DIVE Swansea 2 Man City 3: Aguero double and Silva strike keep Guardiola's hopes of quadruple alive in stunning comeback
Tottenham win Champions League epic as Llorente stuns
Giulia Gwinn's inspired strike was the difference as one of the favorites turned in a rather flat debut. Giulia Gwinn's goal helps Germany beat China to open FIFA Women's World Cup 2019 Home
Substitute Javier Hernandez scored a late brace including a stoppage-time winner to help West Ham United beat Huddersfield Town 4-3 in a roller-coaster Premier League clash on Saturday. The Mexico international, whose diving header had made it 3-3 with six minutes left, nodded the ball in again from Felipe Anderson's cross to send the London
West Ham leave it late as 'Chicharito' double downs spirited
global.espn.com/football/report?gameId=513534
Get a report of the West Ham United vs. Huddersfield Town 2018/2019 English Premier League football match. West Ham leave it late as 'Chicharito' double downs
watch champions league live streaming match
tv soccer live stream sky
watch coppa america live streaming usa
super soccer tv live streaming piala dunia
watch coppa america live streaming juventus
watch live soccer game today
watch soccer live streaming xbox one
watch soccer live live football streaming cr7
watch usa soccer live stream
watch indian premier league live stream online
watch coppa america live streaming live free
watch coppa america live streaming vf
watch karnataka premier league live streaming
watch coppa america live streaming manchester united
watch champions league final live streaming
watch premier league live streaming vk
watch soccer live streaming kenya vs ethiopia
watch premier league games live stream
watch soccer online free streaming live without registration
soccer tv live football streaming reddit
watch premier league live streaming juventus
how to watch uefa champions league live streaming
watch premier league live streaming qatar
live ipl live streaming- watch indian premier league 2013 online
watch coppa america live streaming indosiar
watch coppa america live streaming hd free
watch coppa america live streaming bein sport
watch premier league live streaming juventus vs manchester united
watch coppa america live streaming qatar
watch coppa america live streaming live
watch premier league live streaming quality
watch coppa america live streaming juventus vs manchester united
watch live streaming soccer world cup
watch premier league live streaming online - soccer portal
watch uefa champions league draw live streaming youtube
watch bangladesh premier league live streaming online free
watch coppa america live streaming yify
super soccer tv live streaming persib
watch champions league live streaming now
watch soccer online free streaming live manchester united
watch soccer online free streaming live liverpool
soccer tv live net stream
watch premier league live streaming yify
watch premier league darts live stream
watch champions league live streaming now tv
watch champions league draw live stream total sportek
watch premier league live streaming online
watch coppa america live streaming video
watch soccer live stream app
watch champions league simulcast live stream
watch coppa america live streaming mobile
watch coppa america live streaming eng
watch champions league live streaming vf
watch live soccer streaming on android
watch coppa america live streaming app
watch coppa america live streaming sctv
watch soccer online free streaming live arabic
watch live streaming of premier league football
khan tv pw watch indian premier league 2018 live streaming
watch champions league soccer live streaming
watch champions league live streaming cricfree
watch soccer games live stream free
watch premier league live streaming live free
watch soccer online free streaming live p2p
watch coppa america live streaming twitch
watch coppa america live streaming xbox one
watch coppa america live streaming dailymotion
watch premier league live streaming free
where to watch premier league live streaming
watch uefa champions league quarter final draw live streaming
watch champions league live streaming live free
watch barclays premier league online live streaming
watch coppa america live streaming hd
watch soccer aid live stream online
watch english premier league live streaming
watch premier league live streaming youtube
how to watch premier league live streaming
watch english premier league live streaming free
watch live soccer streaming free android
watch sky sports premier league live stream
super soccer tv live streaming indonesia
watch coppa america live streaming ufc
watch coppa america live streaming australia
soccer tv live football streaming gratuit
watch soccer live stream links
watch soccer live streaming xfinity
watch premier league live stream hd
watch champions league live streaming video
watch soccer live streaming reddit
watch champions league live streaming pc
watch champions league live streaming jamaica
watch champions league live streaming ptv sports
watch soccer games live stream free app
watch soccer live streaming juventus
watch coppa america live streaming free online
watch premier league live stream reddit
super soccer tv live streaming napoli vs juventus
#soccer #streamingbolaid #copaamerica #villarealcf #mane #liverpoolfc #manunited #football #nutmeg #beatifulgame #salah #calciatoribrutti #freekick #commentimemorabili #Barca #adidasslipon #romania #visubal #meunier #roadtrip #rugby #myfootballuniverse #4Series #oasisandbeatles #liverpool #lfc #Liverpool #BMW #premierleague #coffeebreak #MSport #vandijk #nationsleague #soccer #paulmcartney #valcea #insegreto #liverpool #leomessi #uefanationsleague #portsmouthfc #manchestercity #tokyo #Vip45 #cristianoronaldo #zinedinezidane #petercrouch #cappucino #championsleague #lionelmessi #ignoranza #champion #neymar #americanfootball #ucl #seriea #firmino #Celtic #livestreams #footballmemes #gooners #chocolate #Liamgallagher #gunners
No comments:
Post a Comment