SINGAPORE - The media agency that gave the Football connection of Singapore (FAS) its biggest-ever partnership agreement - a $25 million, six-year exclusive rights concurrence - in 2015, is set to wind up, following doubts now hanging exceeding the event of recovering some $3 million in unpaid rights fees.MP & Silva (MPS) has witnessed its London headquarters acknowledged insolvent by Britain's tall 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 approved that existing liabilities expected that it was unable to continue statute 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 on Friday, acknowledged the fact: The MPS broadcast on the wall was all that remained in what was an blank office.A meeting for MPS' creditors was held on Dec 12 at PwC's offices, following the company's full support of accounts presented. The Straits become old 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 occurring at an fabulous general meeting scheduled earlier that day."We had to stroke in the best interests of the company as competently as its creditors. We couldn't continue statute event - and paying salaries - following the company was pretty much beached in a acknowledge where it couldn't truly complete business," he said, on condition of anonymity. joined StoryFootball: FAS looking to allegation unpaid rights fees from media agency MP & Silva
"It was inevitable that one of our creditors would file for liquidation following 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. below their leadership, it became the biggest performer in the global sports media rights market, holding the publicize 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 supplementary creditors, including the English Premier League, Italian Serie A, and German Bundesliga.On Dec 1, The become old 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) agreement following the Football connection of Malaysia (FAM), then signed in 2015, was been terminated and the event is now below arbitration.Its Singapore office then faced issues.Sources revealed that MPS' group president and chief supervision Seamus O'Brien, who associated lonely in January, left the organisation in August.He was followed out the open by Wu Swee Sin, MPS' Asia-Pacific managing director, along following several supplementary management-level staff, desertion what sources flavor was a skeleton crew of junior staff numbering fewer than 10.The remaining staff had their hands tied because of the company's authentic issues and are understood to have conducted tiny to no event exceeding the last five months.ST understands that remaining employees had their contracts terminated in mid-November without any guarantees of living thing abundantly paid for the one-month message required back the withdrawal of contracts. Staff were asked by liquidators to agree proof of what the company yet owes to them, and have already provided the required documentation.Staff are usually the first creditors paid following a company undergoes liquidation, but that can lonely happen after liquidators - in this stroke PwC - get a court order to liquidate.
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