Post by QPR Report on Apr 9, 2010 6:30:25 GMT
Guardian/Matt Scott
Peterborough owner Darragh MacAnthony's finances under question
• MacAnthony's company orders liquidation of UK subsidiary
• Peterborough debts have risen to £6.6m under owner's charge
In the week Peterborough United's relegation from the Championship was confirmed, questions have arisen about the financial health of the Posh owner's business interests. MacAnthony Realty International, the firm set up by Darragh MacAnthony, has ordered the voluntary liquidation of a UK subsidiary, MRI Overseas Property. The parent company, MRI Ireland, was the subject of a striking‑off order at the companies register in Dublin in January after it went years without filing annual accounts.
These facts may be considered sensitive, for Digger was surprised to receive a letter from the noted law firm Carter Ruck after approaching MRI. MacAnthony could not be contacted and speaking on his behalf, MRI's chief executive, Dominic Pickering, said: "MacAnthony [withdrew] from many of these businesses to concentrate on Peterborough; [MRI's] financial health is therefore unrelated to [MacAnthony's] financial health." However there is no record of a change in MacAnthony's equity relationship since annual returns have not been filed in Dublin.
Pickering adds that the UK company, which has never filed accounts, was "non-trading" and that the Dublin firm's accountants are "working on bringing the accounts up to date, and we fully expect these to be submitted to Companies House in due course". He chose not to explain why filings were years out of date. Two other MRI subsidiaries, MRI Media and MRI TV, have been declared insolvent with combined net debts of almost £1m. The most recently available accounts of MacAnthony's offshore parent company, MRI Overseas Property Group, based in Luxembourg, have not been updated since 2006 and even they declare an annual loss of €55,000, leaving net assets of less than €140,000. This would all all matter less had Posh not seen their debts rise from £1.2m to £6.6m in his first three years as a director
www.guardian.co.uk/football/2010/apr/09/darragh-macanthony-peterborough
Peterborough owner Darragh MacAnthony's finances under question
• MacAnthony's company orders liquidation of UK subsidiary
• Peterborough debts have risen to £6.6m under owner's charge
In the week Peterborough United's relegation from the Championship was confirmed, questions have arisen about the financial health of the Posh owner's business interests. MacAnthony Realty International, the firm set up by Darragh MacAnthony, has ordered the voluntary liquidation of a UK subsidiary, MRI Overseas Property. The parent company, MRI Ireland, was the subject of a striking‑off order at the companies register in Dublin in January after it went years without filing annual accounts.
These facts may be considered sensitive, for Digger was surprised to receive a letter from the noted law firm Carter Ruck after approaching MRI. MacAnthony could not be contacted and speaking on his behalf, MRI's chief executive, Dominic Pickering, said: "MacAnthony [withdrew] from many of these businesses to concentrate on Peterborough; [MRI's] financial health is therefore unrelated to [MacAnthony's] financial health." However there is no record of a change in MacAnthony's equity relationship since annual returns have not been filed in Dublin.
Pickering adds that the UK company, which has never filed accounts, was "non-trading" and that the Dublin firm's accountants are "working on bringing the accounts up to date, and we fully expect these to be submitted to Companies House in due course". He chose not to explain why filings were years out of date. Two other MRI subsidiaries, MRI Media and MRI TV, have been declared insolvent with combined net debts of almost £1m. The most recently available accounts of MacAnthony's offshore parent company, MRI Overseas Property Group, based in Luxembourg, have not been updated since 2006 and even they declare an annual loss of €55,000, leaving net assets of less than €140,000. This would all all matter less had Posh not seen their debts rise from £1.2m to £6.6m in his first three years as a director
www.guardian.co.uk/football/2010/apr/09/darragh-macanthony-peterborough