Preston chairman Peter Ridsdale has been banned from holding any company directorships for seven-and-a-half years following an investigation into financial irregularities by the Insolvency Service.
The ruling relates to payments totalling £347,000 made by Cardiff to Ridsdale between May 2007 and March 2009 during his spell as their chairman. The monies should have been directed to the 60-year-old's WH Sports Group (WHSG) consultancy service.
WHSG was liquidated in April 2009 with liabilities of £478,698, including significant tax debts of £442,353 owed to HM Revenue and Customs. Ridsdale's wife Sophie served as a co-director at WHSG and has been banned until April 2016.
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