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The Riddler Continues Riddling
Published : 04 Oct 2012 13:25:33
Peter Ridsdale has made a statement that he will continue on as Preston Chairman despite receiving a seven and a half year ban on being a company director.
Ridsdale and his wife were banned yesterday from taking up a role as a company dircetor in any company due to a matter which pre-exists his days with Preston.
When with Cardiff, Ridsdale and his wife set up a company which gave advice to the Welsh club about financial issues. In return Cardiff paid for those services. There is nothing wrong with this save for the fact that the company failed to report a rather large payment to the tax man.
In the end the company was liquidated and the tax man became aware that they were owed money from a transaction with Cardiff City that had not been declared. As directors of the company the Ridsdales should have declared the invoice to HMRCS and paid the amount owed. Due to this basic breach the pair have now been banned as being company directors.
Due to the fact that Ridsdale is not a company director at Preston and only a chairman he technically can keep his role at the club although the ban seems to stress the fact that if he has any management or financial roles then this could affect his position. In any event I am sure Hemmings is glad he has someone in charge who can seemingly reduce a companies tax bill by failing to decalre invoices.