According to Fiona Piper, spokesperson for Bracken Partners - the venture capital firm, which has a 3 percent interest in the Eye Group, and one of the companies who sought the injunction to freeze Gutteridge’s assets - the Fablon chairman has until the end of the week to repay the money or be taken to court.
Along with Non-League Media and the Eye Group, Bracken Partners are seeking to discover where substantial funds have been placed.
Investigations began over a month ago, when Non-League Media discovered that there had been discrepancies and levels of debt misrepresented in the company’s accounts.
Gutteridge was dismissed as chairman, but the Eye Group began its own investigation into its accounts at the request of its non-executive directors and discovered discrepancies of £1.2million ($1.7m/B1.9m), far more than the discrepancies found in Non-League Media’s accounts.
The Eye Group’s problems were apparent earlier this year when the company couldn’t afford to pay its directors, despite raising £2m ($2.8m/B3.2m) in September, 2000.
Questions are also likely to be asked why Fablon could not pay a sum of money to the Finnish ice-hockey team Jokerit and why Fablon has failed to meet wage payments for the Newcastle Jesters ice-hockey team, which is owned by Fablon subsidiary European Sports Holdings.
The international women’s squash federation WISPA recently ended its eight-year rights deal with Fablon and doubts are bound to be raised about Fablon’s ownership of the commercial rights to men's world squash.
