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.
Mohamed Salah Calls For Gender Equality, Urges People to Treat Women Better Mohamed Salah was named one of the US magazine's 100 most influential figures of the year, alongside Tiger Woods, LeBron James and Naomi Osaka.
'Mo' Salah Asks Muslim World To Treat Women Better - The New
Home Sport News Salah Lauds 'Unbelievable' Liverpool After Champions League Glory
Football: Salah lauds 'unbelievable' Liverpool after
Rodgers set for Premier League return with Leicester by BeSoccer @besoccer_com - 26 Feb 2019 0 3,056 Brendan Rodgers took a signficant step closer to a return to managing in the Premier League as Celtic "very reluctantly" granted him permission to talk to Leicester City.
Brendan Rodgers set for Premier League return with Leicester
Football: Valencia clinch Champions League spot, Getafe in Europa League MADRID (REUTERS) - Valencia secured Champions League football for the second year in a row by winning 2-0 at Real Valladolid on Saturday, clinching fourth place in La Liga at the expense of Getafe who drew 2-2 at home to Villarreal.
Valencia Clinch Champions League Spot, Getafe In Europa
Mauricio Pochettino has confirmed Tottenham plan to trigger a one-year extension on Toby Alderweireld's contract. Alderweireld's current deal expires at the end of this season. By triggering the
Manchester City's Sergio Aguero in frame to face Brighton in FA Cup The Argentina international, who is the Premier League's top scorer with 19 goals, missed City's 2-0 victory over relegation-threatened Cardiff City on Wednesday and was a doubt for Saturday's semi-final at Wembley.
Aguero in frame to face Brighton in FA Cup | Sports
Parris and White strike to give England victory over Scotland Scotland pulled back a goal in the second half as former Manchester City forward Claire Emslie took advantage of a rare defensive
Soccer: Parris and White strike to give England victory over
Breaking news headlines about Video Assistant Referees linking to 1,000s of websites from around the world
"We will go to Barcelona knowing we can score goals!" Solskjaer optimistic despite Man Utd defeat BT Sport. Lionel Messi (FC Barcelona) vs. Manchester United 1-0
Liverpool vs. Barcelona score: Reds pull off monumental
Football: Baihakki gets fresh shot at Thai top tier Less than three weeks before he turns 35 on Jan 31, national defender Baihakki Khaizan is counting his blessings after he signed a one-year contract with Thai League 1 side Trat FC on Friday.
Johor Darul Takzim - Kashima Antlers Live Stream]~ | Buffalo
Ambitious Hougang show title promise, Football News & Top
Manchester United will have to settle for Europa League football next season after being held by a Huddersfield side who were relegated in March. The Terriers had managed just four points in their previous 23 games - but watched by outgoing chairman Dean Hoyle, they earned a draw as Isaac Mbenza's first goal for the club levelled Scott
Man United Miss Out On Top Four After Draw With Huddersfield
watch soccer aid live stream
watch live streaming soccer manchester united
where to watch premier league live streaming
watch live english premier league online free streaming
watch soccer live stream app
watch champions league live streaming ptv sports
watch coppa america live streaming quality
watch bangladesh premier league live streaming free
super soccer tv live streaming indonesia
watch soccer live streaming zee tv
free watch champions league live streaming
watch champions league live streaming live
watch live premier league football streaming online for free
watch soccer live streaming zimbabwe
watch premier league live streaming quality
watch live soccer streaming on android
watch coppa america live streaming barcelona
watch coppa america live streaming australia
soccer tv live football streaming garuda select
watch champions league live streaming manchester united
watch soccer game live now
watch soccer live streaming hd
watch premier league live streaming qatar
watch coppa america live streaming match
watch coppa america live streaming twitch
watch barclays premier league live streaming online free
watch champions league live streaming now
watch champions league final live streaming online
watch soccer online free streaming live manchester united
super soccer tv live streaming piala dunia
watch premier league live streaming video
watch uefa champions league live streaming free online india
watch coppa america live streaming crictime
watch champions league soccer live streaming
watch soccer live streaming mobile
watch champions league live streaming juventus
watch premier league net live stream channel
watch champions league semi final draw live stream
watch coppa america live streaming india vs england
watch soccer live streaming kenya vs ethiopia
watch soccer saturday live stream
watch usa soccer live stream online
watch premier league live streaming vk
watch premier league live streaming yify
watch coppa america live streaming jamaica
watch coppa america live streaming online free
watch champions league live streaming vf
watch soccer live streaming juventus
watch soccer online free streaming live youtube
watch coppa america live streaming rcti
watch coppa america live streaming free online
watch premier league live streaming online
watch coppa america live streaming putlockers
watch champions league live streaming jamaica
watch coppa america live streaming qatar
watch champions league live streaming video
watch coppa america live streaming nz
watch live streaming soccer online espn3
watch champions league live streaming espn
watch coppa america live streaming game
watch soccer online free streaming live world cup
watch soccer online free streaming live india
watch soccer live stream links
watch coppa america live streaming zip
watch soccer online free streaming live canada
watch soccer live stream apk
watch coppa america live streaming pc
watch coppa america live streaming philippines
watch afghanistan premier league live stream
watch soccer online free streaming live uk
watch coppa america live streaming online
watch premier league live in stream
watch coppa america live streaming ronaldo 7
watch soccer online free streaming live cricfree
watch uefa champions league live streaming sportek
watch soccer online free streaming live bbc
where to watch free live soccer streaming online
watch coppa america live streaming youtube
apps to watch live streaming soccer
watch sky sports premier league live streaming
soccer tv live net stream
watch champions league live streaming canada
watch uefa champions league draw live streaming free online
watch soccer online free live streaming hd
watch champions league live streaming bt sport
watch coppa america live streaming xbox one
watch coppa america live streaming app
how to watch premier league live streaming
watch coppa america live streaming dailymotion
watch champions league live streaming match
watch coppa america live streaming hotstar
watch coppa america live streaming free
www.watch premier league live stream.com
watch the premier league live stream
watch premier league live stream reddit
tv soccer live stream sky
watch soccer online free streaming live reddit
watch live streaming soccer games
where to watch champions league live streaming
watch soccer aid live stream online
watch coppa america live streaming video
watch epl live streaming free no sign up
watch soccer online free streaming live english
khan tv pw watch indian premier league 2018 live streaming
watch karnataka premier league live streaming
watch champions league live streaming putlockers
watch real madrid vs juventus live streaming of champions league
watch soccer games live stream free app
watch indian premier league live streaming
watch soccer live streaming kenya
watch soccer online free streaming live hd
#footballfans #livestreams #thebeatles #rugby #hotcoffee #ronaldo #klopp #premierleague #bestshishacafedubai #golazo #fcbarcelona #afcnews #BMW #nutmeg #portsmouthfc #bayernmunich #Liverpool #neymar #premierleague #zidane #football #MSport #4Series #commento #frasitrap #soccermemes #messi #myfootballuniverse #leicestercity #mancityvsliverpool #Liamgallagher #paulmcartney #ucl #oudmehta #mancity #kroenkeout #visubal #thomasmeunier #salah #lovefootball #footballschedule #freekicks #oasisofficial #tokyo #alissonbecker #PartyTime #coutinho #trollfootball #footballmemes #comics #manchesterunited #girlsniteout #kickoff #zinedinezidane #livesports #meunier #streamingbolaid #Fcb #gunners #sixtimes #knuckleball #conference #vip #frasirap #liverpool #valcea #JUVENTUS #kopisusu #league2 #manchestercity #americanfootball
No comments:
Post a Comment