And before any Bears have a heart attack I can reveal that Wayne Rooney coming to Ibrox is not on the cards and that’s OFFISHAL although he would definitely be an asset in SFL3.
Charles Green most certainly is a busy boy on his current European travels and today we take a look into his frenetic lifestyle flitting from safe house to safe house and joining Celtic fans on a birthday celebration, if only.
I know you might be expecting the exclusive on his trip to Geneva but that will come soon so be patient and wait and see whether he met-up with Swiss businessman Alessandro Celano who fronts-up the mysterious Blue Pitch Holdings and its invisible shareholders that the SFA are itching to identify to sign up as new SPL sponsors no doubt.
For today let’s concentrate on the multi-million court battle that a Formation Group Plc subsidiary had with Wayne & Coleen Rooney and another legal bun-fight with European football player agency Gestifute. OK settle down and get a few pies to hand and some Irn Bru in solidarity with our SFL comrades – you’ll need them 🙂 So let’s get the technical stuff out of the way before looking at the delectable Coleen and her rough diamond of a hubby.
Formation Group Plc was formerly known as Proactive Sports Group PLC and in July 2010 the Group acquired Proactive Sports Management Limited – a previously owned company which managed sports personalities – to assist with sports-related legal wrangles involving the Rooneys and Gestifute.
Prior to this in December 2009 the Group’s wealth management businesses were disposed of and then Formation Asset Management Limited was placed into creditors’ voluntary liquidation.
Formation Group PLC provides professional construction management services for property sector clients and high net worth individuals, primarily in the UK and ROI, and readily admits retaining competitiveness of the core property business required: Internal restructuring, wage freezes, redundancies and continued cost cutting for two years.
So where does Maestro Green fit-in? It’s really dead simple as he was the founder chairman of Formation back in 1992 when the company was floated and was recalled to the colours as non-executive chair in October 2010 presumably in a bid to inject fresh drive into the business.
Chairman Green gave a stirring speech to board members and staff and stated: ‘Your board are confident that the transformation of the Group is nearing completion. A clear focus following this period of transition will allow all employees to drive further improvements and shareholder value.
‘There is still much to do and Formation Group remains, for the moment, a work in progress. The Directors enter 2011 with optimism that we have the capability and determination to complete the turnaround of the Group’ although the chief executive officer announced that for the third year running no shareholders dividend would be paid.
But just over a year later on 22 February 2012 Formation Group Plc announced the resignation of Charles Green as non-executive chairman and director with immediate effect for personal reasons.
Formation Group’s unaudited results for the six months ending 29/02/2012 revealed a drop in revenue from the previous year’s £2,341,000 to £1,119,000 and an increased operating loss of £480,000 against the previous year’s £185,000. Loss from continuing operations was £491,000 or 0.24 pence per basic and diluted share against £185,000 or 0.09 pence for the same share a year previously. Loss attributable to equity holders of the parent was £537,000 or 0.26p per basic and diluted share against £287,000 or 0.14p for the same share 12 months previously.
Following the poor results, share dividends were again frozen and it may well have been that if Mr Green hadn’t already gone, shareholders would have made his position untenable.
But quick as a flash it appears Charlie was on his travels and popped up as non-executive chairman of the Singapore-based mining investment firm Nova Resources Limited which he resigned from in early May 2012 to “pursue other business interests”.
Back on the road the Eagle landed at Ibrox just days later to bid for Rangers accompanied by financial advisor Imran Ahmad of Zeus Capital who, in 2009, founded the London firm Allenby Capital Limited which Nova listed as an adviser and broker in several announcements. Imran is now MD of Zeus Capital and also on the Rangers board.
Charlie and Zeus have crossed paths before as the company provided advice to the Formation Group while he was in the chair and in 2009 advised on the sale of Proactive Sports Management, which Mr Green had previously chaired, to Gresham Private Equity for £22m.
But Charlie certainly didn’t waste his short sojourn in Singapore and managed to sign-up Jude Allen, a partner in the Kuala Lumpur-based Lumira Hotels Group, as a Rangers shareholder.
The Rooney court case made it all the way to the Court of Appeal who squashed a £4.3m claim from Proactive Sports Management. The court heard that Wayne, when only 17, was signed on an eight-year deal with Proactive by its founder and director Paul Stretford. Coleen later “turned to Proactive and Mr Stretford” to develop commercial opportunities which came her way.
After Green quit Sheffield United he re-emerged in football as chairman of Proactive Sports but left in 2003 followed by Stretford in 2008 who launched a new management company taking the Rooneys as clients. Rooney stopped making commission payments to Proactive who claimed they were owed the money and took legal action.
The appeal court judgement ordered Wayne to pay £5,000 and confirmed the decision of the lower court which decided the Proactive image rights representation agreement made when Wayne was at Everton in 2002 was ‘a restraint of trade’ as the FA recommended maximum contract period was only two years. Coleen who was found liable to pay Proactive an increase in the compensation set by the original court.
After the verdict a delighted Wayne said: ‘”Coleen and I have always been happy to pay proper commissions to the people who are owed them. But Proactive’s claim for money after we left the company were a joke. Justice has been done.”
Stretford, now MD of Triple S Sports and Entertainment Group, welcomed the ruling and added: “Wayne’s legal team has said that the victory is so overwhelming that costs will now be claimed from Proactive.
“We were always surprised that a company which represents some of Britain’s major entertainment stars should want to see private matters like this aired in court.”
Legal anoraks and that means you Paul 🙂 check-out:
For mere mortals wishing more info there’s a ripping yarn at:
And you will find the details of Proactive’s legal battles with the Gestifute Agency run by the Portuguese football agent, Jorge Mendes, which Portuguese players into British football at the same link.
Kenny Dalglish and Graeme Souness were shareholder in Stretford’s Proactive agency which brought Nuno Capucho to Rangers in 2003.
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