By Dragons' Den
September 13 2009
The Sunday Telegraph has today revealed concerns regarding Saudex, sponsors of London Welsh. They report that London Scottish are still owed sponsorship money from last season, the Saudi Royal Family have denied all links with both Saudex and Neil Hollinshead and that Hollinshead has confirmed that the company has not made any investments in the UK other than their sponsorship of London Scottish.
At a time when supporters should be trying to forget the turmoil of the summer months and instead look forward to next Saturday's first home game of the season, the newspaper's report will no doubt bring back many anxieties regarding the club's future.
Neil Hollinshead is current London Welsh Chairman and CEO of Saudex Global Limited. The company's logo appears on the back of the 1st XV shirts. Although Hollinshead has always insisted that he was making a personal investment in London Welsh, newspaper reports, such as this one in the Western Mail, have implied otherwise and Kelvin Bryons's comments in the same article only added to the rumours regarding the real source of the investment.
The Sunday Telegraph article reveals that, according to Company House records, the Chairman of Saudex Global is Prince Khalid Alwaleed Bin Talal Al Saud but that two emails from the Saudi Royal Family deny all knowledge of Saudex or Hollinshead. Saudex's annual return and annual accounts are both overdue.
The report states that there are also three legal challenges underway. London Scottish are trying to recover £62,000 owed from the one year of the sponsorship deal, former Scottish International Kenny Logan is claiming £40,000 due for work carried out for Hollinshead and Steljes Limited, a sponsor of London Scottish, is also taking action.
With John Taylor and Kelvin Bryon continuing to give Neil Hollinshead and Saudex their full support we must hope that this report is unfounded and that the future of London Welsh is not under threat once again.
Click here to read the full article.
Quote:Haydn
Personally, would you be willing to discuss your personal financial affairs on the internet? I wouldn't.
I have only met him a couple of times in the context of meetings, and don't know him personally at all. But if I were publically questioned like this by supporters over a long period, I'd question whether I wanted to invest. which would take us back to the dark days of administration.
Suggest that we focus on supporting the teams, both amateur and professional?
Quote:1 - there hasn't been an explanation about his moneyNewest Sir Benfro
I am quite happy to accept Neils explanation of his personal situation on the grounds that the RFU undertook a due diligence process and found that he was an appropriate person to own our Club. The alternative was that LW ceased to exist.
Anyone who is still carping about that process needs to get real and understand how lucky we are to still be in a position to be turning up at ODP on Saturday to see our first home game.
Personally I am delighted Neil was able to put his money into our Club - I hope his investment is a good one and that we all reap the rewards of a succesful LW in the future
Quote:lonwelsh123
In terms of the ground. We were slowed down by the planners last week. Posts go up today, we are trying to change the seats out and do the groundswork for the stand and marquee once the planners allow us.
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Quote:Haydn
....but based on the time you're spending on planning websites, Uncle Bryn, I think you need to get out more!
Quote:UncleBryn
But hard questions have been raised and the time has passed where you can blame the old lot, or say we've only been here for 2 weeks.
Quote:The old lot did the best available with the generosity of a proven, long-established club member. The new lot have no such provenance. No one is scrutinising NH's affairs (what happened to the other investor?), what we don't understand is where the dosh is coming from and what are the motives? With the previous administration the answer to both of these questions were self evident. With the new administration there seems to be a lot of smoke and mirrors and no substantive facts - this is even more relevant if the objective of GP rugby is to be seriously believed, ask Cecil Duckworth how much it has cost him and it is a lot more than a couple of mill. With the complete lack of an established business history to back him up, is it any wonder that those of an enquiring mind should question whether Mr H has the skills or where with all to take Welsh in to the GP and Europe. (i'm already late for training, so i'm outa here)Shy1105Quote:UncleBryn
But hard questions have been raised and the time has passed where you can blame the old lot, or say we've only been here for 2 weeks.
I disagree (except on a literal reading of the 2 weeks.) There's at least a two-season window for blaming the old lot. The old lot made a few mistakes and I expect this lot will too. But I don't remember the old lot getting quite this level of scrutiny of their private (yes) affairs.
However, I have been a member for most seasons since 1979, and I was a shareholder in the old limited company. Star sign Leo, blood group A.
Quote:It's not just the 2 million, playing in the GP is going to cost £5 mill + pa. For the apologists and rose tinted specs wearers that is a load of season tickets....Cynicism abounds
You have a very credible Chairman. You have the RFU and the Administrator to thank. You have every right to ask where Mr Hollinshead got hold of £2m (personnally). You have to ask whether his personal creditors will bankrupt him - they may. You have to hope this doesn't end badly for Welsh. But rest assured 50% of you will say I told you so and 50% won't. It's so exciting.

Quote:UncleBryn
Blodwens right and others have mentioned, just asking questions doesnt mean you are not supporting the team and London Welsh.
On which note, i really hope we can get a bonus point win tomorrow and start getting some momentum going.
