{"id":294087,"date":"2023-09-26T21:34:56","date_gmt":"2023-09-26T21:34:56","guid":{"rendered":"https:\/\/sportstons.com\/?p=294087"},"modified":"2023-09-26T21:34:56","modified_gmt":"2023-09-26T21:34:56","slug":"middlesex-facing-further-allegations-of-financial-mismanagement","status":"publish","type":"post","link":"https:\/\/sportstons.com\/%d1%81ricket\/middlesex-facing-further-allegations-of-financial-mismanagement\/","title":{"rendered":"Middlesex facing further allegations of financial mismanagement"},"content":{"rendered":"<h1>Middlesex facing further allegations of financial mismanagement after FCA launch probe following complaint chief executive Andrew Cornish &#8216;gave himself pay rise of \u00a354,000&#8217;<\/h1>\n<ul>\n<li><strong>Middlesex have been investigated by the Financial Conduct Authority\u00a0<\/strong><\/li>\n<li><strong>It follows a complaint from an anonymous whistleblower last November\u00a0<\/strong><\/li>\n<li><strong>The county were found guilty of breaking financial rules earlier this month\u00a0<\/strong><\/li>\n<\/ul>\n<p>Middlesex are facing further allegations of financial mismanagement with chief executive Andrew Cornish accused of allegedly giving himself a 50 per cent pay-rise.<\/p>\n<p>Mail Sport can reveal that the struggling county have been investigated by the Financial Conduct Authority following a complaint that Cornish held a role on Middlesex\u2019s renumeration committee \u2013 which determines staff salaries \u2013 in an alleged breach of UK corporate governance rules.<\/p>\n<p>The FCA review was triggered by a complaint from an anonymous whistleblower last November. It was escalated this year following the publication of Middlesex\u2019s 2022 accounts, which showed that Cornish\u2019s salary had risen from \u00a3110,000 to \u00a3164,000 despite the club recording losses of almost \u00a31million last year.\u00a0<\/p>\n<p>The huge increase is understood to have angered many of Middlesex\u2019s players, while in correspondence seen by Mail Sport the FCA told the whistleblower that their concerns had been &#8216;seriously assessed&#8217;.<\/p>\n<p>Cornish, whose son is Made in Chelsea star and singer Andy Jordan, told Mail Sport that he was not made aware of any review by FCA.\u00a0<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/i.dailymail.co.uk\/1s\/2023\/09\/26\/19\/75860383-0-image-a-17_1695752160400.jpg\" height=\"715\" width=\"634\"><\/p>\n<p>Middlesex&#8217;s accounts last year showed that Andrew Cornish\u2019s salary had risen to \u00a3164,000<\/p>\n<p>The former managing director of Manchester Airport was publicly listed as a member of Middlesex\u2019s renumeration committee until this summer, over six months after he received the \u00a354,000 pay hike.<\/p>\n<p>Middlesex insist that Cornish did not sit on the renumeration committee and was not involved in setting his own salary. The club attribute Cornish being listed as a committee member on their own website to a clerical error, claiming his name should have been followed by an asterisk stating that he merely attended meetings.<\/p>\n<p>The up-to-date committee membership shows chairman Richard Sykes and treasurer David Kendix as the only members of the committee, whereas it previously listed Sykes, Kendix, Cornish and former chairman Mike O\u2019Farrell. The current version makes no mention of Cornish attending meetings and there are no asterisks.<\/p>\n<p>Cornish was appointed chief executive at Middlesex two years ago after being sacked from the same role at Somerset in 2019. His turbulent reign has seen the club post losses of nearly \u00a31million for 2021, with their cash reserves declining from over \u00a32m to \u00a3179,000. They have also found guilty of breaking financial rules by spending ECB funding intended for youth cricket on the first team.<\/p>\n<p>The ECB handed Middlesex a fine and suspended points deduction earlier this month, and have also given themselves the right to attend the club\u2019s Board meetings and the final veto in signing off their accounts.<\/p>\n<p>The MCC have also got involved in the saga, as Middlesex are their main tenants at Lord\u2019s. In a note sent to MCC members earlier this month chief executive Guy Lavender pledged that he would \u201cmonitor events carefully, not least as Middlesex\u2019s ability to play their cricket at Lord\u2019s is an important part of their financial stability.\u201d<\/p>\n<p>Middlesex, the FCA, ECB and MCC all declined to comment.<\/p>\n<p>Middlesex have also been found guilty of breaking financial rules by spending ECB funding intended for youth cricket on the first team.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/i.dailymail.co.uk\/1s\/2023\/09\/26\/21\/75864405-12563447-image-a-1_1695760204161.jpg\" height=\"423\" width=\"634\"><\/p>\n<p>The ECB handed Middlesex a fine and suspended points deduction earlier this month.<\/p>\n<p>The MCC have also got involved in the saga, as Middlesex are their main tenants at Lord\u2019s.<\/p>\n<p>In a note sent to MCC members earlier this month, chief executive Guy Lavender pledged that he would \u2018monitor events carefully, not least as Middlesex\u2019s ability to play their cricket at Lord\u2019s is an important part of their financial stability\u2019.<\/p>\n<p>Middlesex, the FCA, ECB and MCC all declined to comment.<\/p>\n<p>Source: <a href=\"https:\/\/www.dailymail.co.uk\/sport\/cricket\/article-12563447\/Middlesex-facing-allegations-financial-mismanagement-FCA-launch-probe-following-complaint-chief-executive-Andrew-Cornish-gave-pay-rise-54-000.html\" target=\"_blank\" rel=\"noopener\">Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Middlesex facing further allegations of financial mismanagement after FCA launch probe following complaint chief executive Andrew Cornish &#8216;gave himself pay <span class=\"more-text\">&hellip;<\/span><\/p>\n","protected":false},"author":2,"featured_media":294086,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[13],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.8 - 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