Alastair Campbell, formerly a powerful figure in UK politics, funneled £300,000 (US$370,000) into his son’s ill-fated soccer- prior to its collapse, The Daily Mail reports.
Alastair Campbell, right, was Tony Blair’s director of communications, but his son Rory’s collapsed betting syndicate may prove a difficult spin. (Image: The Sun)Campbell, 67, is one of more than 50 investors who collectively plowed at least £5 million (US$6.1 million) into the venture, which was operated by Rory Campbell, 37.
The scheme purportedly used mathematical models to gain an edge in the betting markets, but investors were told two weeks ago that the syndicate had collapsed because sportsbooks in Asia had failed to pay out winnings, according to sources who spoke to the Mail.
Rory Campbell had previously made assurances that there was “no hole” in the fund and they could expect to receive their funds “in full” by the end of July, one source said. In mid-July Campbell revised that figure to a return “in the region of 50%-65%,” according to the source.
‘Low Risk’ ClaimOne investor told the Mail that Campbell had described the betting scheme as “massively low risk,” adding they had placed a significant portion of their total wealth into the fund.
“Rory told us that at no time could he lose more than 5% of the total betting fund to a single bookmaker and that his job was to manage that risk,” the investor told the Mail.
Then suddenly all the money has just disappeared,” they added. “He has provided absolutely zero evidence of where it has gone, and we want a proper explanation of where all the millions of pounds have gone.”
Investors are currently negotiating a resolution with the Campbell family and believe they will be lucky to get 15% of their losses back, according to the Mail.
Some have compiled a dossier of evidence, including contracts, bank statements, spreadsheets, and communication with Campbell, which they plan to take to the police.
‘Confidences Broken’A spokesperson for the Campbell camp told the Mail that its reporter had been “given an incomplete and, in several respects, inaccurate account of a highly complex set of issues, which are currently the subject of what we had understood to be confidential negotiations intended to seek a resolution between the various parties.”
It is a matter of concern and very disappointing to learn from you that these confidences have been broken,” the spokesperson continued. “Given the confidential nature of the discussions, we are not at liberty to make any further comment at this stage.”
Alastair Campbell was the Blair administration’s director of communications from 1997 to 2003. As Blair s speechwriter and chief strategist, he was sometimes referred to “the real deputy prime minister.”
