Pitch @ Palace, Prince Andrew’s business venture, is said to have been interrupted after his Swedish billionaire friend left the company with 15 staff members stepping down in a year.
Sporting Goods Group Head Johan Eliasch, 58, was appointed director of Pitch @ Palace Innovations, which was part of the Dragons’ Den style project mediating between tech start-ups and high net worth investors.
The company, founded in 2014, is in a ‘pause position’ according to a spokesperson for the firm and an accountant supervises it administratively.
But it is still commercially successful as it increased its ongoing profits to £ 1.2 million in the 12 months to March last year, according to figures released this week.
Pitch @ Palace, Prince Andrew’s business venture (pictured in 2019), is reportedly in an uproar after its Swedish billionaire friend leaves the company with 15 staff members stepping down in a year
There are reportedly no plans to kickstart the company again, a source said The Telegraph that it is “in fact the opposite” after it is also said that the property is assessed.
Formerly located in Buckingham Palace, Pitch @ Palace became confused in the aftermath of Prince Andrew’s Newsnight interview with Emily Maitlis in November 2019.
The prince agreed to withdraw from public service after the TV appearance of the car crash, but initially wanted to remain a figurehead for Pitch @ Palace.
Sports Equipment Group CEO Johan Eliasch (photo in 2018), 58, was appointed director of Pitch @ Palace Innovations, which was part of the Dragons’ Den style project mediating between tech startups and high net worth investors
However, the global arm, a private limited company, went ahead, gradually removing all references to the Duke of York from the homepage.
Accounts released on Wednesday showed that Pitch @ Palace Global’s assets had fallen from £ 3,125,398 to £ 1,495,737 until the end of March 2020.
Meanwhile, the company held £ 1.2 million in cash with accountant Arthur Lancaster in the last remaining active role as director.
The prince agreed to withdraw from public service after the TV appearance of the car crash, but initially wanted to remain a figurehead for Pitch @ Palace
A Pitch @ Palace spokesperson told The Telegraph that the company was “taking this time to review its ownership” while remaining in its “hiatus” mode.
They added that “operations are still significantly impacted by Covid-19 restrictions.”
MailOnline has contacted Pitch @ Palace for comment.
A Pitch @ Palace spokesperson told The Telegraph that the company was ‘taking this time to review its ownership’ while remaining on its ‘hiatus’ mode.
EDEN CONFIDENTIAL: Is Prince Andrew hoping to relaunch his Pitch @ Palace project for young entrepreneurs with some help from his billionaire sports tycoon friend?
By Richard Eden for the Daily Mail
Since his infamous interview with Newsnight’s Emily Maitlis, few of Prince Andrew’s friends have been, but one man has proven to be a loyal ally.
He is billionaire sports magnate Johan Eliasch and I hear he is now helping pave the way for the prince’s return to public life.
This week, Swedish-born Eliasch was hired as director of Pitch @ Palace Innovations, part of the Dragons’ Den-like project set up by Andrew that brokers deals between tech start-ups and high net worth investors. A major relaunch for Pitch @ Palace is planned for next spring.
‘Johan is very involved in the restart of Pitch @ Palace’, says a source. Although His Royal Highness has temporarily relinquished royal duties, he hopes to resume his public life as soon as possible.
‘Pitch @ Palace was a great success and has helped so many young entrepreneurs. It is exactly what we need to help the country come out of an economic crisis. ‘
As director, Eliasch replaces Amanda Thirsk, who stepped down as Andrew’s private secretary in January after more than 15 years. It is not his first involvement with the network, as he was already a director of Pitch @ Palace Global.
The FBI still wants to question Andrew about his close friendship with convicted sex offender Jeffrey Epstein, who committed suicide while awaiting trial on further charges last summer. The pressure on Andrew, 60, increased after the arrest in the US of his close friend, Epstein’s ex-girlfriend, Ghislaine Maxwell.
When Andrew was depicted on Eliasch’s yacht, Epstein and Maxwell are said to be in Phuket too.
Andrew worked with Monaco-based Eliasch for 18 years as directors of a mysterious company, Naples Gold Ltd, which was only revealed a few months ago, when it was revealed by this newspaper that the Prince had registered as a director under the name Andrew Inverness.