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Giggs, Neville lose £1.5 million in property company
Manchester United legends Ryan Giggs and Gary Neville, who set up Cuban Group to invest in hotels and other properties, have reportedly lost almost £1.5 million in the company.
5 February 2012, 12:00am
Karl Stagno-Navarra
Karl Stagno-Navarra
1 min read
Gary Neville
The company set up by the duo recorded losses of 430,753 pounds over the past two years.
Giggs and Neville, who in 2009 invested an estimated £1 million in a Maltese hotel group, have also reportedly split with business partner Brendan Flood, who is also a director of Burnley FC.
Recently released company accounts show that the duo loaned the firm £1,065,000. Added to the losses, it means they are down more than £1.5 million pounds.
The pals also revealed that Flood had quit the business in a terse statement: "B Flood is no longer involved in the company and negotiations continue between the shareholders to finalise his exit," Britain's Daily Star quoted it as saying.
Giggs and Neville aimed to buy the London hotel 'No5 Cavendish Square' but it is understood that the £20 million deal has collapsed.
