PracticePeople In PracticeExtent of Dome crisis revealed

Extent of Dome crisis revealed

The Millennium Dome was insolvent until its most recent lottery handout of £47m, according to the controversial PricewaterhouseCoopers report that helped prompt Japanese finance house Nomura to withdraw its offer to purchase the ailing government project.

According to the secret report, passed to the Sunday Times, the ‘culture . . . of financial control’ meant that the Dome operators had no idea of what it owed or had paid for.

The report also disclosed that sponsors, including McDonald’s and British Airways, still owe £5m.

‘The report, commissioned by David James, the dome’s new chairman, admits that many invoices have gone unpaid for months and that staff may take industrial action against further cuts,’ the paper said.

Nomura was not allowed to see a copy of the report before its withdrawal, although it was told of the main elements.

But the financier is believed to have thought those details were sufficiently worrying to withdraw from the prospective its £105m deal to turn the dome into a working theme park.

The National Audit Office is expected to submit its report on the dome’s finances later this month.

PwC declined to comment this morning.

Sunday Times: Secret dome report lays bare true scale of financial chaos

Report in full

Millennium Dome FD tipped to resign

Related Articles

Is inefficiency stealing your time and money?

Accounting Firms Is inefficiency stealing your time and money?

6m Emma Smith, Managing Editor
CIMA elects new president

Institutes CIMA elects new president

6m Emma Smith, Managing Editor
Transparent currency trade: How to achieve costs visibility

Governance Transparent currency trade: How to achieve costs visibility

6m Emma Smith, Managing Editor
Introduction to KPMG UK’s new leadership team

Accounting Firms Introduction to KPMG UK’s new leadership team

6m Emma Smith, Managing Editor
EY appoints head of UK Infrastructure Asset Intelligence practice

Accounting Firms EY appoints head of UK Infrastructure Asset Intelligence practice

8m Emma Smith, Managing Editor
FRP Advisory expands operation with new office, partner appointments

Accounting Firms FRP Advisory expands operation with new office, partner appointments

10m Emma Smith, Managing Editor
Magma Group announces merger, partner promotions

Accounting Firms Magma Group announces merger, partner promotions

10m Emma Smith, Managing Editor
MHA MacIntyre Hudson advises on management buy-out

Accounting Firms MHA MacIntyre Hudson advises on management buy-out

10m Emma Smith, Managing Editor