A petition for the winding up of financially stricken international sports agency MP & Silva is to be heard on 10th October, following a notice issued by the French Tennis Federation (FFT).
The FFT is one of a host of rights holders owed money by MP & Silva. The hearing at London’s High Court could terminate the business owned by Chinese parent companies Everbright and Baofeng. The High Court case relating to the FFT will be heard in accordance with the UK’s 1986 Insolvency Act.
The relationship between the agency and the FFT stretches back to 2012, when the two parties agreed a five-year partnership for the European media rights to the French Open at Roland Garros. That agreement was subsequently extended until 2017, before a further addition to the arrangement saw the deal extended until 2021.
However, the association has soured with MP & Silva’s economic strife, with the agency missing scheduled rights-fee payments. The company has lost a host of big contracts in recent months after it that emerged Serie A, Italian club soccer’s top flight, is set to take the company to court over unpaid rights fees totalling nearly €38 million (US$44.4 million).
The Scottish Professional Football League (SPFL) also severed its ties with the agency to team up with Infront, while Premier League soccer giants Arsenal also announced that they have torn up their contract with MP & Silva in favour of selling their media rights directly to global broadcasters.
A petition for the winding up of financially stricken international sports agency MP & Silva is to be heard on 10th October, following a notice issued by the French Tennis Federation (FFT).
A petition for the winding up of financially stricken international sports agency MP & Silva is to be heard on 10th October, following a notice issued by the French Tennis Federation (FFT).
The FFT is one of a host of rights holders owed money by MP & Silva. The hearing at London’s High Court could terminate the business owned by Chinese parent companies Everbright and Baofeng. The High Court case relating to the FFT will be heard in accordance with the UK’s 1986 Insolvency Act.
The relationship between the agency and the FFT stretches back to 2012, when the two parties agreed a five-year partnership for the European media rights to the French Open at Roland Garros. That agreement was subsequently extended until 2017, before a further addition to the arrangement saw the deal extended until 2021.
However, the association has soured with MP & Silva’s economic strife, with the agency missing scheduled rights-fee payments. The company has lost a host of big contracts in recent months after it that emerged Serie A, Italian club soccer’s top flight, is set to take the company to court over unpaid rights fees totalling nearly €38 million (US$44.4 million).
The Scottish Professional Football League (SPFL) also severed its ties with the agency to team up with Infront, while Premier League soccer giants Arsenal also announced that they have torn up their contract with MP & Silva in favour of selling their media rights directly to global broadcasters.
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