Ainsley Walters, Freelance Writer

EDWARD SEAGA, chairman of the Premier League Clubs Association (PLCA), yesterday evening said the organisation has severed all ties with Premier League sponsor Cash Plus Limited, the embattled investment company which a receiver on Wednesday declared bankrupt and unable to repay investors.

Seaga, who negotiated a three-year, $150 million sponsorship of the Premier League last September with Cash Plus, last night said the Premiership would no longer be branded the Cash Plus Premier League as the PLCA has been left holding the bag with $26m owed to the league.

"We served notice on them to terminate the agreement," he told The Gleaner. "The decision was taken at Tuesday's meeting of the PLCA," he said.

"I made an announcement today that the league will cease to be known as the Cash Plus Premier League and I've written to the Sports Development Foundation, requesting emergency assistance.

"The clubs have said they can't complete the season without funding," he pointed out.

Increased woes

Cash Plus's woes increased ten-fold yesterday, less than 24 hours after a receiver declared the company bankrupt.

Acting on complaints from investors, the police raided the Norbrook home of chief executive officer Carlos Hill as well as several other premises related to the failed alternative investment scheme.

Hill, along with his brother, Bertram, were arrested and are set to face questioning today. Several high-end motor vehicles were also confiscated by the police.

However, Seaga said the PLCA won't be pursuing a lawsuit as it had threatened when funds were not forthcoming from Cash Plus.

"You can't have a lawsuit because it has now become a criminal matter, wiping out the civil action," he explained.

"In addition, we don't expect to get any more money from them as the statement says they have no money."

However, he was quick to add that the league did benefit from the sponsorship.

"We got $24m, which was far more than we received all of last year. In terms of that, we got more but not what they had promised."