BusinessCompany NewsLeeson: ‘Irish football clubs run like Barings’

Leeson: ‘Irish football clubs run like Barings’

Rogue trader warns of ‘financial shock’ in Eircom League

Nick Leeson, the rogue trader which brought down Barings Bank, has compared
the running of Irish football clubs to the way the infamous bank was run before
it collapsed.

Leeson, now the general manager of Galway United, told the Sunday
Times
other clubs were postponing paying their tax bills and heading for a
rude financial shock.

‘Every year has a rollover effect. It’s a case of paying old debts but not
keeping up to date with the current stuff. So at the end of the year, it’s x
plus y and it just keeps going on,’ Leeson said.

‘It reminds me of when I worked for Barings in Singapore. The attitude is
“keep it going for another year”,’ he added.

Recently Cork City and Shelbourne were threatened with winding-up orders for
non-payment of tax debts, narrowly avoiding closure after raising the funds to
pay their bills.

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