Peter Ridsdale banned as a company director

Football club chairman Peter Ridsdale has been disqualified from acting as a company director for seven-and-a-half years following an investigation by The Insolvency Service.

The former Leeds United, Barnsley and Cardiff City chairman has given an undertaking to the secretary of state for Business, Innovation and Skills (BIS), barring him from acting as a company director and from managing or in any way controlling a company.

Ridsdale did not dispute that between May 2007 and March 2009 he acted improperly and “in breach of his duties” to his company W H Sports Group Limited (WHSG) by channelling payments into his personal bank account.

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Comments
JAADAMS's picture

Legal practicalities and implications

JAADAMS | | Permalink

I wrote an article 'Director Disqualification - get the details right' earlier this year in May (see link below). 

www.accountingweb.co.uk/article/director-disqualification-what-you-need-know/527281

The article lists the legalities including the grounds for disqualification under the Company Directors Disqualification Act 1986, detailed what matters are considered by the Insolvency Service in making their decision and covered the implications for a director who has been disqualified.

 

Criminal offence

vince8 | | Permalink

Is there a criminal offence here?

breach of Section 177

Mouse007 | | Permalink

is a criminal offence (S183)

 

andrewjohnevans's picture

Finally...

andrewjohnevans | | Permalink

He almost destroyed my beloved Cardiff City thanks to his inability to protect the finances. I think he's lucky he's had an easy ride for this long.

ShirleyM's picture

Was he prosecuted?    1 thanks

ShirleyM | | Permalink

The inquiry found that payments totalling £347,000 - received for invoices raised by WHSG for services provided to a football club of which he was the chairman - were paid into personal bank accounts held in his own name, to the detriment of WHSG and its creditors.

Was he prosecuted for the theft of this money ... or did he repay it?

carnmores's picture

presumably he owned 100% WHSG    1 thanks

carnmores | | Permalink

its not the worst crime that we have come across - interested to know how much WHSG owed.

i see the directors of Farepak gave the BIS a run for their money! it seems once again that the officials may not be upto the mark in dealing with such cases , their approach is to make it so expensive that to fold is the only oprtion - BIS will throw loads of taxpayers money ay even the most simple cases

 

PS just re read and seen how much he owed - i wonder how much is assessment and how much is real, its still a lot tho!

why just peter ridsdale-why not bob diamond as well?    1 thanks

david5541 | | Permalink

Somehow football tends to attract the limelight and attention of HMRC;

qed

rangers football club

and that case they bought against the former tottenham hotspur manager accused of reciveing undeclared BUNG payments from a foreigner of questionable eastern european origin.

ok footballers do offshore the money into eanings benefit trusts but their misdeameanours are hidden from us by super-injunctions.

Yet BOB diamond got away scot free for being chair of a company.... (one of several) envolved in manipulating LIBOR statistics in 2008....-surprise surprise- considering vince cable nicknamed him Casino Bob).... with no criminal convictions or disqualifications. Peter just owned his own company which went bust-another fall guy becasue he didnt have banks to protect him.

 

doesnt sound fair as with most Law.

carnmores's picture

completely unbalanced comment above

carnmores | | Permalink

and as for your quasi racist comments...

carnmores's picture

and one more thing

carnmores | | Permalink

these cases take years to prepare etc , so your wish may yet come to pass

Tax    1 thanks

The Rogue | | Permalink

ShirleyM wrote:

The inquiry found that payments totalling £347,000 - received for invoices raised by WHSG for services provided to a football club of which he was the chairman - were paid into personal bank accounts held in his own name, to the detriment of WHSG and its creditors.

Was he prosecuted for the theft of this money ... or did he repay it?

 

And/or will he be taxed on it?

Football and Ridsdale

Glostergull | | Permalink

This man has had time catch up with him

He has been involved with several clubs including but not named. Plymouth Argyle. Their fans were very suspicious of him from the very start.. He ruined Leeds and tried his best to ruin Cardiff. It's good that he is not to be involved with football for some considerable time to come.

carnmores's picture

i agree but unfortunately

carnmores | | Permalink

he is still involved