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Topic ClosedLW Chairman In The News Again

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Exiled_Scots View Drop Down
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Direct Link To This Post Topic: LW Chairman In The News Again
    Posted: 08 Jan 2010 at 18:10
Thought I would share the following article that appeared in tonights London Evening Standard financial section:
 

More news of Neil Hollinshead, CEO of the Saudex Group and Chairman of rugby club London Welsh. In the summer, City Spy reported he had been persuaded the Saudi Royal Family into backing Welsh in the previously unheralded world of non-premiership rugby – a move that raised some eyebrows among the cognoscenti who wondered how crowds of less than 2000 per Championship game (not to mention the faithful’s traditional predilection for beer) could begin to appeal to Arab potentates. Now Spy hears, things have taken a turn for the worse: Hollinshead faces two bankruptcy hearings in the High Court after allegedly owing over £800,000 to long standing creditors. City Spy’s man in the scum cap says “He told us we’d be driving around in BMW’s, using state of the art laptops and playing exhibition matches in front of 100,000 people in the Middle East. It never happened – although he did buy me a pint once”.

Is this a sign of more trouble for our good neighbours??? Shocked
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dottigirl View Drop Down
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Direct Link To This Post Posted: 08 Jan 2010 at 18:25
Think the 'man in the scum cap' must be joking, they were to have Lexuses (Lexi?).

Seriously now, we all know about it, it's common knowledge down the club and we are aware there are other things happening.

http://www.rugbynetwork.net/boards/read/s691.htm?1370,11170285

Do bankrupcy courts usually put hearings off?
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Direct Link To This Post Posted: 08 Jan 2010 at 18:52
Quote Do bankrupcy courts usually put hearings off?
only when they think there's a chance of not getting paid Smile
a Freudian slip is when you say one thing but mean your mother
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Exiled_Scots View Drop Down
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Direct Link To This Post Posted: 08 Jan 2010 at 19:07

Dottigirl – many thanks for pointing me in the direction of your unofficial website.

To answer your question - Although I am no expert in bankruptcy, I am led to believe that the court can order what is called a Stay (delay) in the proceedings often because the court needs further information before it can decide whether to make a bankruptcy order. Apparently this is a common occurrence.

Given the above circumstances indicated in the press article you have to question how effective the due diligence processes employed by the RFU are, when new prospective owners of rugby clubs are being considered for approval by the governing body as a fit & proper individual.



Edited by Exiled_Scots - 08 Jan 2010 at 19:31
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Direct Link To This Post Posted: 08 Jan 2010 at 19:21
Also reported on the unofficial LW site that Hollinshead was made bankrupt on 2005. Can only presume that the RFU didn't stumble across this information when deciding that Hollinshead was a multi-millionaire with enough cash to cover £2.5m over two years.

As ES says, it must raise further questions as to the depth of their research and the extent of the proof they obtained.
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Direct Link To This Post Posted: 08 Jan 2010 at 20:45
Is this a case of then there were three????
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Direct Link To This Post Posted: 10 Jan 2010 at 16:40
RP today - ' London Welsh are being told today whether or not they have the funds to run the club until the end of the season. Neil Hollingshead (sic), who was the saviour of the club, has revealed he has no money at all and they are looking for investors: i.e. people who are happy to spend money on a non-profitable rugby club.'
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Direct Link To This Post Posted: 10 Jan 2010 at 17:16
Deja vu all over again.........

If things do not work out then serious questions as to ability of RFU or their appointed representatives to undertake due diligence, but by whom - NCA? Perhaps a few direct questions to County RFU Council representatives.


Edited by FoghornLeghorn - 10 Jan 2010 at 17:17
"My father told me big men fall just as quick as little ones, if you put a sword through their hearts."
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Direct Link To This Post Posted: 10 Jan 2010 at 18:51
I feel that the RFU have massive responsibility here if this proves the demise of LW.  I also think the Administrators/receivers that were called in at the beginning of the Season, have a massive responsibility as well. In fact one could suggest they may have been negligent if there were no funds.  I hear that the LW players are already approaching other Clubs.
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Direct Link To This Post Posted: 10 Jan 2010 at 19:01
I thought that funds had been seen by the administrators when Mr H took over?
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Direct Link To This Post Posted: 10 Jan 2010 at 20:01
There's a huge difference between seeing a bit of paper and proving that the funds are definitely in place. This is much more complex if the alleged funds are not within the UK.
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Direct Link To This Post Posted: 10 Jan 2010 at 20:55

5 point penalty for LW was it?

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Direct Link To This Post Posted: 10 Jan 2010 at 21:06
LW, Cov, Bees you name it, it's totally immoral, these clubs will be the demise of RU as we know it well done the RU faithfull who turn out four or five senior teams a week plus 400 or so mini and juniors on a Sunday, get rid of the Charlatans they are the scourge of our game.
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Direct Link To This Post Posted: 10 Jan 2010 at 22:48
lofty, at least with the gent who bailed out the Bees we have seen the cash, and the Bees have been in the situation once, it now seems we have 2 other clubs who have been in this situation twice and in the case of LW twice in one season, wonder if the points will be docked a second time and how many this time?
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Direct Link To This Post Posted: 11 Jan 2010 at 07:59
Originally posted by Richard Lowther Richard Lowther wrote:

I thought that funds had been seen by the administrators when Mr H took over?
 
Richard, Mr H is quoted in yesterday's Rugby Paper as having no money ! (small piece on p13). It does make you wonder what the administrators saw Wink
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Direct Link To This Post Posted: 11 Jan 2010 at 08:47

In light of the latest news I feel very sorry for the good supporters/members of our fellow Exiles club, who no doubt have attended ODP for many years. No club or supporters deserve what LW has been through this season and the Administrators/RFU should hang their heads in shame for allowing the situation to have developed the way it has.

If the latest information is correct then no doubt the players of LW will be approaching other clubs!!, given that player movement in the Championship ends, I believe this Friday. In the circumstances it will be find a club or you may well not play again this season, maybe the order of the day. They are also victims of this tragedy.

With Coventry also still not fully out of the woods I wonder what the next RFU statement will say about maintaining the integrity of the Championship for this season.

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Direct Link To This Post Posted: 11 Jan 2010 at 10:42
Originally posted by High Heidjin 
<DIV> </DIV>
<DIV>Mr H is quoted in yesterday's Rugby Paper as having no money ! (small piece on p13). It does make you wonder what the administrators saw <img src=http://www.rolling-maul.com/smileys/smiley2.gif height=17 width=17 border=0 alt=Wink title=Wink /></DIV>[/QUOTE High Heidjin
 
Mr H is quoted in yesterday's Rugby Paper as having no money ! (small piece on p13). It does make you wonder what the administrators saw Wink
[/QUOTE wrote:


nb He is not actually quoted in the RP
nb He is not actually quoted in the RP

Edited by solva - 11 Jan 2010 at 10:43
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Direct Link To This Post Posted: 11 Jan 2010 at 11:03
SABees the time for docking points has surely gone, clubs affected should be moved to the bottom of the league structure as happened to L. Scots and R'mond or do the honourable thing Wakefield and Orrell spring to mind, but this wont happen and the farce that is Championship rugby will continue in its pathetic format dragging along the lame ducks.
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Direct Link To This Post Posted: 11 Jan 2010 at 11:08
Exiled Scots
 
Can't speak any other LW supporter other than my husband, but well said and thank you.  Also agree your comments re the players. 
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Direct Link To This Post Posted: 11 Jan 2010 at 14:44
 Four LW players have been talking to a yorkshire championship club over the last few days with good funds i here.
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