n the words of a great comedian “I wanna tell you a story”
It
is the story of sharp practices, secret meetings, misinformation, and
keeping Councillors in the dark. No this isn’t Thanet but Peterborough
where Shaun Patrick Keegan got involved in buying a football club.
is the story of sharp practices, secret meetings, misinformation, and
keeping Councillors in the dark. No this isn’t Thanet but Peterborough
where Shaun Patrick Keegan got involved in buying a football club.
Briefly
Peter Boizot, the founder of Pizza Express, decided he needed a knight
in shining armour to come and rescue Peterborough United Football Club.
Peter Boizot, the founder of Pizza Express, decided he needed a knight
in shining armour to come and rescue Peterborough United Football Club.
Barry
Fry, manager of the club, recommended his mate Colin Hill (Shaun
Keegan’s son-in-law) to Peter. Colin being a self made millionaire
property dealer and owner of Wetmore Foundation, registered in
Lichtenstein, was obviously the right man for the job. In Barry Fry’s
own words “Colin Hill is a SHREWD businessman with no interest in football”.
Fry, manager of the club, recommended his mate Colin Hill (Shaun
Keegan’s son-in-law) to Peter. Colin being a self made millionaire
property dealer and owner of Wetmore Foundation, registered in
Lichtenstein, was obviously the right man for the job. In Barry Fry’s
own words “Colin Hill is a SHREWD businessman with no interest in football”.
Big mistake!!!
Was
it because there was plenty of land to build houses? I doubt it but it
might have been the original intention however Wetmore’s (Colin Hill)
solicitor would have pointed out the Restrictive Covenant 1 (see below)
at the time of purchase.
it because there was plenty of land to build houses? I doubt it but it
might have been the original intention however Wetmore’s (Colin Hill)
solicitor would have pointed out the Restrictive Covenant 1 (see below)
at the time of purchase.
Could
it be they wanted to hold the Council to ransom? Maybe because there
was a further Restrictive Covenant 2 which should have allowed the
council a six month window in which to buy the football club and land
attached to it.
it be they wanted to hold the Council to ransom? Maybe because there
was a further Restrictive Covenant 2 which should have allowed the
council a six month window in which to buy the football club and land
attached to it.
Wetmore (Colin Hill) bought the club on the 29th
April 2003 (start of six month window) and transferred the land to a
holding company in November 2003. During this six months there was a
private meeting with the Council Leader (10th
October) and 4 days later the offer to buy was declined by the Council
(leader). There were NO public consultations nor were there any
discussions in Council. The transfer to the holding company took place
in November 2003. Shaun Keegan resigned his directorship of the football
club and became a director of the holding company at the same time.
April 2003 (start of six month window) and transferred the land to a
holding company in November 2003. During this six months there was a
private meeting with the Council Leader (10th
October) and 4 days later the offer to buy was declined by the Council
(leader). There were NO public consultations nor were there any
discussions in Council. The transfer to the holding company took place
in November 2003. Shaun Keegan resigned his directorship of the football
club and became a director of the holding company at the same time.
Eventually Peterborough Council, on the 29th
June 2010, come to their senses and bought back the land from Shaun
Keegan for the sum of £8M netting Colin Hill and Shaun Keegan at least
£5M profit for sitting on the land and doing nothing.
June 2010, come to their senses and bought back the land from Shaun
Keegan for the sum of £8M netting Colin Hill and Shaun Keegan at least
£5M profit for sitting on the land and doing nothing.
Sharp business practice or amoral behavior I will let the reader decide
Covenant 1:
Stated the land could only be used for football, athletics or sports ground not housing.
Covenant 2:
“If....the
Purchasers (PUFC Ltd) shall desire to sell the property comprised
herein......The Vendors (PCC) shall have the option of repurchasing the
same in manner and on the terms following.....the purchasers shall make
an offer IN WRITING to sell the property aforesaid....” and that PCC
should be allowed 6 months to make an offer.
Purchasers (PUFC Ltd) shall desire to sell the property comprised
herein......The Vendors (PCC) shall have the option of repurchasing the
same in manner and on the terms following.....the purchasers shall make
an offer IN WRITING to sell the property aforesaid....” and that PCC
should be allowed 6 months to make an offer.
Abbreviations
PCC (Peterborough Council)
PUFC (Peterborough United Football club)
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