Thread: British tennis giants at war over £9m Thai property deal

British tennis giants Rusedski and Lloyd at war over £9m Thai property deal
By ABUL TAHER
Last updated at 1:38 AM on 19th June 2011






Two giants of British tennis are to face each other in the most gruelling match of their careers – not at Wimbledon’s famous Centre Court, but in the sombre surroundings of the High Court.
Greg Rusedski is suing Britain’s former Davis Cup captain David Lloyd for more than £740,000 he invested in a £9 million project to build luxury villas in Thailand.
Mr Rusedski is demanding his money back three years after investing the cash in Mr Lloyd’s company because so far no properties have been completed – and he claims he has not received an explanation about what has happened to the money.


But sources close to Mr Lloyd say that the project has fallen behind schedule because of the global financial crisis, and civil unrest in Thailand over the past three years.
A source said: ‘Rusedski will get his money back once the villas start selling. The villas are still being built and won’t be ready until early next year.’


The financial dispute has put a strain on the relationship between the two stars which goes back more than a decade. It was their friendship that led former British number one Rusedski to invest the money in the first place.
Mr Lloyd launched his project in 2008 – it involves building 27 holiday villas over 40 acres of land on the western coast of Phuket. Each villa would have breathtaking views of white sandy beaches and the Andaman Sea.
The houses are intended for wealthy Westerners who want a holiday home there. The area is popular with golfer Tiger Woods and Prince Andrew’s ex-wife Sarah Ferguson.
In a writ lodged at the High Court, Mr Rusedski, 37, claims that he and his wife Lucy, 34, wired the money in three instalments to Mr Lloyd’s personal bank account in Thailand.

In search of paradise: Mr Rusedski says he invested cash in building villas in Phuket, pictured
The first instalment of £533,943 went from Mrs Rusedski’s account, which was followed by a sum of £73,551 from that of her husband’s. A final amount of £133,564 went from the couple’s joint account.
In the court papers, the Rusedskis claim that after three years, Mr Lloyd has failed to give them a satisfactory account of how their investment – ‘the Rusedski Money’ – was spent.
‘In breach of fiduciary duty the Defendant [Mr Lloyd] has failed to account to the Claimants’ [Rusedskis] reasonable request for information and/or disclosure of documents concerning the Rusedski Money,’ says the writ.
The Rusedskis are now demanding their money back with interest payments, and any profit that was made from it.
A close friend of Mr Rusedski said: ‘The crux of the matter is they invested this money some time ago and they’d like it back.’
This weekend Mr Lloyd declined to comment when contacted at his million-pound property in Leatherhead, Surrey.
But a source said: ‘This is outrageous. Greg Rusedski is trying to destroy the reputation of David Lloyd as a businessman. He is threatening to jeopardise a business project worth £9 million.
‘Back in 2008, Greg approached David when they were playing golf and said he wasn’t making any money from tennis any more. So David suggested that he invest his money in this property deal as a way of making money. But after investing his money, Greg became panicky about it, so his investment was turned into a loan which he will get back as soon as the villas are sold.’
Mr Rusedski declined to comment on Mr Lloyd’s claims. His spokesman said: ‘We can’t make any comment as this matter is subject to due legal process. We are confident that the court will determine the right outcome in due course.’
A spokesman for Mr Lloyd said: ‘Mr Lloyd is astonished and personally disappointed that Mr and Mrs Rusedski have instigated this spurious and opportunistic claim.
‘The allegations are being vehemently denied and will be vigorously defended.’


Read more: British tennis giants Rusedski and Lloyd at war over £9m Thai property deal | Mail Online

Sad indictment of British tennis if these two are "giants" of it.

British Tennis Giants, thats funny.

RIP Fred Perry

The little detail about it being illegal for foreigners to buy land in Thailand appears to have been overlooked.... again....

^ I was thinking the same thing and another slap in the face for the authorities here.

And I thought that Rusedski was a Canuk.

and why is it being heard in a British court?

Where's the jurisdiction? I assume this means that the money was paid to a British company who is the developer, which seems an even more blatent flouting of the Thai law?

Originally Posted by crippen

British tennis giants Rusedski and Lloyd at war over £9m Thai property deal

They mean 740,000 GBP surely, which appears to be the amount that has changed hands between these two idiots.