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Wednesday, November 02, 2005

The rise and fall of George Reynolds

I found this interesting. It's a good story of having it all and then blowing it.

The old joke says, how do you end up with a small fortune? You make a large fortune and then buy a football club. Unfortunately, George Reynolds, the former chairman of Darlington, has ended up with the collapse of his business, £3.4m in debts and a three year prison sentence. He pleaded guilty to cheating the public revenue after he admitted cheating HM Revenue and Customs out of £650,000 in unpaid tax. After a childhood in poverty, and spells in prison for burglary, he set up a kitchen worktop business which he later sold. He bought Darlington for £800,000 in 1999 and spent £27m on the club which went into administration in January last year. David Robson QC, for the defence, said his client had ruined himself financially by trying to transform the fortunes of Darlington FC. Judge Guy Whitburn described the £27m as a 'latter day folly'.
Via The Political Economy of Football

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