Former Tottenham Hotspur money man link to Clondalkin “cuckoo fund”

by Padraig Conlon
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A former Financial Director of English Premier League giants Tottenham Hotspur is connected to a “cuckoo fund” looking to build over 1,000 apartments in Clondalkin.

Colin Sandy, who worked at Spurs from 1991 to 1995, is a director of a property company called Arbeten who are in consultation with An Bord Pleanala to build 1,009 apartments on the CB Packaging site at Ninth Lock Road and New Nangor Road.

Arbeten, which was set up in 2016, is a private company that lists its other directors as Northern Irish developers Lawrence and Brendan Duddy, Tom Dalton and David Marshall.

The company is linked to Propiteer, an exclusive members-only property group which Colin Sandy co-founded.

On their website the company describe themselves as:

“An exclusive members only club providing exciting property opportunities.

“Membership is exclusively for high net worth, commercially aware and sophisticated investors.

“We are part of a wider commercial property and management group that source investors to fund, alongside our own funds, the early stage origination and development of our group’s property projects.”

The 20-acre former CB Packaging site was once owned by developer Liam Carroll and was zoned for a new town centre.

Because of the Government’s Strategic Housing Development fast-track planning process this application won’t have to go through the council, only An Board Pleanala, and a decision is due by July 1.

Figures recently released by ABP reveal a rush by developers to build large-scale developments under the fast-track planning rules ahead of an upcoming review of the system.

Colin Sandy has also worked as a financial advisor to UK businessman Alan Sugar and got his role at Tottenham Hotspur following the purchase of the club by Sugar and Terry Venables in 1991.

He was co-opted onto the Football Association Committee, dealing with the Inland Revenue General Enquiry into Football.

From August 1995 to July 2001, he was a Non-Executive Director of Tottenham Hotspur dealing with all aspects of Board and Group issues, including membership of the Remuneration Committee and Chairmanship of the Audit Committee.

He also featured in Alan Sugar’s 2010 autobiography “What You See is What You Get”, when he refers to a contentious transfer deal involving legendary manager Brian Clough.

“One matchday, Terry Venables uncharacteristically came into the boardroom and asked to speak to me,” Sugar writes.

“He told me he was interested in a player at Nottingham Forest by the name of Teddy Sheringham, but there was a problem because, as Venables put it: “Cloughie wants a bung.”

“With the transaction about to take place, I received a phone call from Colin Sandy (the finance director I’d appointed) who told me that he’d been instructed by Ashby to go down to the bank and withdraw £50,000 in cash to pay McLintock.

“I told him this was absolutely ridiculous.

If McLintock was an agent, he should simply send his bill to us and we’d pay it in the normal way – by cheque.

“Colin said he’d explained this to Ashby, but that Venables had insisted he went down to the bank now to get the money.

“I told Colin he was absolutely not allowed to do it and that he should go back and tell Ashby to tell Venables that if we had to pay McLintock a fee, we wanted an invoice showing VAT.

“A few hours later, Colin called to say that McLintock had agreed to issue an invoice to the club for his services for the transfer of Sheringham, but was paid in cash.”

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