Bermuda Firm On Sticky Wicket in UK
A Bermuda-domiciled firm is embroiled in a major sporting controversy in the United Kingdom after launching a legal challenge to block a proposed multi-million pound redevelopment of the legendary Old Trafford cricket grounds in Lancashire.
The Lancashire County Cricket Club had hoped to complete the major upgrade in time to host one of the 2013 Ashes Tests — but Bermuda-based Derwent Holdings, owners of a nearby shopping park, have announced they will be seeking a judicial review into Trafford Council’s decision to approve the plans.
“Lancashire County Cricket Club has been in Old Trafford for 150 years and is seeking to secure a future for international cricket for the next century,” its chief executive Jim Cumbes recently told the UK’s “Daily Telegraph”. “ … We are pleased to confirm that we are on site and well under way implementing a perfectly lawful planning consent for the substantial redevelopment of Old Trafford.
“Derwent’s actions are a blatant attempt to force us to stop work. There is too much at stake for the club, Trafford and the wider North West and we will not be bullied into stopping. This action is about securing commercial gain at the expense of the LCCC’s sporting legacy for schools, community groups and young people in the North West.”
Bermuda-based Derwent Holdings is associated with British multi-millionaire Albert Gubay, who lives in the Isle of Man. In March Mr. Gubay transferred his whole business empire, including property group Derwent Holdings, to a charitable trust, fulfilling a “deal with God” the devoted Roman Catholic made as an impoverished young man.
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