World’s leading sports agency MP & Silva is facing crisis, posing threat to its existence.
These are difficult times for one of the world’s leading sports marketing agency MP & Silva. According to the report published by Sportbusiness, The MP & Silva agency has defaulted on payments on multiple sports rights which has put a huge question-mark over its existence and future.
The report further suggests, that the agency has missed scheduled payments to England’s Premier League and the European Handball Federation, among others. Not only this, the agency also has pending litigation with FIFA, the global governing body of football, over its advisory contract for rights to the 2018 and 2022 World Cups in Russia and Italy respectively.
The report adds that MP & Silva, according to the informed sources, is in a “state of paralysis”. The scale of the agency’s outstanding commitments to sports bodies is unclear, but it could represent a huge blow to several sports rights-holders which have signed lucrative deals with the agency. In most cases, it is expected that unsold rights would revert to the original rights-holders and could be re-sold.
The difficulties come just over two years after Chinese companies Baofeng Technology & Everybright securities acquired a majority stake in the company. It was reported that the Chinese companies acquired 65% stake in the entity valuing the business at $1.1 billion.
MP & Silva was set up in 2004 by Italian entrepreneurs Riccardo Silva, Andrea Radrizzani and Carlo Pozzali, who remained minority shareholders after the May 2016 sale and have since had no operational involvement. Baofeng and Everbright are responsible for signing off all strategic business decisions.
No one from MP & Silva officially has commented on the report.
No comments:
Post a Comment