SINGAPORE - The media agency that gave the Football link of Singapore (FAS) its biggest-ever partnership harmony - a $25 million, six-year exclusive rights appointment - in 2015, is set to wind up, subsequent to doubts now hanging over the thing of recovering some $3 million in unpaid rights fees.MP & Silva (MPS) has witnessed its London headquarters stated insolvent by Britain's tall Court of Justice, and its Singapore office is now set to follow upon the similar path.On Nov 19, PricewaterhouseCoopers' (PwC) Goh Thien Phong and Chan Kheng Tek were appointed as provisional liquidators of MPS after the company approved that existing liabilities designed that it was unable to continue sham 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 living thing 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 herald 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, subsequent to the company's full pronouncement of accounts presented. The Straits get older understands that representatives of the FAS were gift at the meeting, in a bid to recover monies from MPS. A former MPS employee who was gift revealed that creditors were informed that not a single shareholder of the company turned stirring at an astonishing general meeting scheduled earlier that day."We had to prosecution in the best interests of the company as capably as its creditors. We couldn't continue sham thing - and paying salaries - subsequent to the company was beautiful much stranded in a acknowledge where it couldn't in reality complete business," he said, upon condition of anonymity. linked StoryFootball: FAS looking to claim unpaid rights fees from media agency MP & Silva
"It was inevitable that one of our creditors would file for liquidation subsequent to 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 artiste 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 bungled to make payments to several extra creditors, including the English Premier League, Italian Serie A, and German Bundesliga.On Dec 1, The get older of London reported that PwC was seeking a tall 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) harmony subsequent to the Football link of Malaysia (FAM), as well as signed in 2015, was been terminated and the thing is now under arbitration.Its Singapore office as well as faced issues.Sources revealed that MPS' charity president and chief government Seamus O'Brien, who associated unaided in January, left the organisation in August.He was followed out the admission by Wu Swee Sin, MPS' Asia-Pacific managing director, along subsequent to several extra management-level staff, rejection 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 genuine issues and are understood to have conducted little to no thing over the last five months.ST understands that remaining employees had their contracts terminated in mid-November without any guarantees of living thing fully paid for the one-month declaration required before the cancellation of contracts. Staff were asked by liquidators to submit proof of what the company nevertheless owes to them, and have already provided the required documentation.Staff are usually the first creditors paid subsequent to a company undergoes liquidation, but that can unaided happen after liquidators - in this prosecution PwC - get a court order to liquidate.
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But that is where we disagree, and why 3 people spent such a vast amount of time analysing the 160 games and presented their findings with video evidence for others to examine. So we could see how many errors referees make (PGMO claim over 98% of decisions are correct) and if they make more against one club than another.
How the media comes daily to the rescue of the referees
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