The liquidators MP & Silva, one of the world’s biggest sports rights company, have decided to wound up company’s Singapore office. The Singaporean Accounting and Corporate Regulatory Authority’s (Acra) website lists MPS’ status as “in liquidation – creditors’ voluntary winding up”. Local media reports confirm the office has been stripped of its physical assets, while staff contracts have been terminated.
The London headquarters of the company was shut down in October following an official complaint to the UK High Court from the French Tennis Federation (FFT) over an outstanding debt of more than US$6.6 million.
Following that in November, Price-Waterhouse Coopers were announced as provisional liquidators of the company after it was decided that the agency would not be able to continue doing business as a result of outstanding liabilities.
MP & Silva Singapore office had signed a US$25 million deal with the Singapore Football Association (FAS) in 2015. The deal represented the biggest in the history of the country’s national football body. However, the agency’s local branch is now set to close with US$3 million in rights fees still remaining unsettled.
MP & Silva was formed in 2004 by Italian businessmen Riccardo Silva and Andrea Radrizzani, owner of English football club Leeds United. Silva and Radrizzani sold a 65% stake to Chinese companies Everbright Securities and Beijing Baofeng Technology for US$1 billion in 2016, with problems surfacing soon after.
The company has lost a host of big contracts in recent months. after it that emerged Serie A, Italian club football’s top flight, is set to take the company to court over unpaid rights fees amounting to US$44.4 million.