BusinessCompany NewsFootball penalty splits FDs

Football penalty splits FDs

Finance directors have revealed they are evenly split on the question of whether the backers of ITV Digital should pay the failed broadcaster's debts to the Football League.

The lastest Accountancy Age/Reed Accountancy Personnel Big Question survey shows 42% believe Carlton and Granada should pay the TV channel’s £180m debt to the league while 43% said the two media giants had no responsibility for the money.

Avocet Hardware finance director Graham Bradbury thought the owners of the company should ‘honour its obligations’.

He said: ‘Responsibility must be shared by all the decision-makers, not just those unfortunate enough to be employed by ITV Digital. The company expects its customers to honour their contracts so where is the difference?’

One anonymous FD said: ‘The whole concept of owner companies not taking responsibility for subsidiaries is wrong.’ Another said simply: ‘They’re morally responsible for the debts.’

Many FD thought Carlton and Granada were in the clear. GB Kent & Sons FD Leon Kern said the ‘Football League were in a contract with a separate legal identity and why should the law change just because it does not fit.’

Another FD said: ‘Surely they knew the risks with an untested TV channel. Greed got the better of the Football League.’

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