Photo: UMThe rebellion in BC Partners is expanding, because the directors of the United Group from different countries have expressed their support for the founder Dragan Šolak, writes the "Financial Times".
Only one director of United's companies did not rebel against the dismissal of Dragan Šolak, the British "Financial Times" reveals.
After the American agency Bloomberg announced that there is an ongoing revolt at United Media due to the dismissal of Dragan Šolak, "Financial Times" also publishes new details and claims that dissatisfaction at BC Partners is spreading. After the original 14 managers, eight more managers stood up against the change of management.
In a letter sent to United Group's board of directors this week, eight CEOs of the operating companies criticized the investment fund for the company's management, which they say threatens to cause "long-term damage", reports the Financial Times. the replaced founder Dragan Šolak and the executive director of the company Viktorija Boklag.
All but one
All but one of the chief executives - who together contribute 90 per cent of cash flow and around 70 per cent of profits - signed a letter seen by the Financial Times demanding that both sacked executives be reinstated.
"We join the wider senior management group in being clear: this situation is unsustainable for both the United Group and our operating companies," the directors said.
They added that they are increasingly concerned about the "accelerated introduction" of external consultants into the environment of the new management.
"The management of the Group, with whom we have worked closely, has been excluded from the management and decision-making process," according to the latest letter.
What happened
Sholak, the owner of the English football club Southampton, entered into conflict with the fund BC Partners after his dismissal from the company he founded in Serbia in 2000, which has since grown to annual revenues of 2,7 billion euros.
The Serbian billionaire is sued BC Partners, claiming he was not paid a €200m bonus linked to the sale of part of the group's assets, and called on Dutch authorities to investigate a "serious corporate governance crisis" at the media company.
According to people familiar with the case, BC Partners has said that the bonus will be paid to him. However, the Dutch court rejected Scholak's request to consider the case under urgent procedure.
The United Group previously announced that Šolak's complaints "serve only the interests of Dragan Šolak, not the United Group."
For the past year, Sholak, who still has a minority stake in the firm, has been trying to buy out BC Partners' stake in the company, but his bids were rebuffed. His stake still gives him sole control over the allocation of shares to managers under United's incentive program, according to sources familiar with the matter.
What Bloomberg reported
A group of 14 senior United executives, including the chief financial officer and chief operating officer, sent a letter to the board following Sholak's sacking.
In it, they expressed "deep concern about the recent changes at the top", which they said had led to the resignation of several senior staff, previously reported by Bloomberg.
"The sudden and unplanned regime change was not only a random, but also a highly irresponsible decision — and thus poses an existential threat to the United Group and its business," those executives said.
They warn that the current situation is unsustainable and emphasize that, unless there is an urgent and essential change of direction, they will be forced to reconsider their relationship with the Group.
United's board of directors and BC Partners dismissed the claims as exaggerated.
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