In a letter to Manchester United’s chairman Sir Roy Gardner, Irish millionaires John Magnier and JP McManus claimed there was ‘a lack of transparency in relation to a number of material payments’, and also expressed worries about the club’s corporate governance and accounting.
The letter also called into question the valuation placed on players in the accounts, citing an inconsistency between acquired players and home grown assets.
The club has insisted that its accounts are in line with FRS10, the UK accounting standard on goodwill and intangible assets, according to the Financial Times .
Magnier and McManus have been at odds with the club since they fell out with Sir Alex over the stud rights to champion racehorse Rock of Gibraltar.
Does Darwin's theory apply to taxation? Colin ponders...
The EC has been instructed to draft a European Union (EU) directive authorising an EU financial transaction tax, which would apply to ten of the EU’s 28 member states
Accountancy watchdog the FRC has dropped its investigation into the former chief financial officer of Tesco, nearly two years after the supermarket was engulfed in an accounting scandal
Colin imagines how Apple's logo might change in the wake of the EC's ruling over its Irish tax arrangements