Daily Mirror (Northern Ireland)
PENMAN ALGORITHM & BLUES
A football investment scheme run by former Sky Sports presenter Alan Bentley is in trouble.
Bentley Global (UK) Limited claims to have an algorithm called Algol88 that means investors can get returns of up to 20%.
It boasts of a team of “experienced financial services professionals, traders, data analysts, eminent mathematicians and statisticians” plus “former professional football players, managers, and sports media personalities.”
That includes Peter Reid, of England, Everton and Sunderland fame, named as its director of football.
Last month Bentley Global filed accounts, which were unaudited and five months late, showing that it has raised £8.6million by selling bonds.
One investor tells me that he put in £50,000 and has not had any returns for a year.
“I was cold called by a marketing person who told me that my name had come up on their systems after I entered some details online,” said Jon Anglin, a 32-year-old who works for a bookmaker.
“The premise is that they had artificial intelligence systems that highlight sports betting mispricing.
“They are not now paying their clients. We were told this was due to Covid stopping them from betting, but they never began again. I only invested as I believed in the management team, I had seen them on TV and they were successful in football.”
Mr Bentley forwarded to me a letter that he sent to bondholders earlier this month which says, if I can paraphrase, that its algorithm can’t cope with empty stadiums.
“I took the difficult decision to suspend interest and redemptions when we were simply unable to trade because of the cancellation of football on a global basis in March 2020, and I have maintained that suspension in the light of hugely difficult trading conditions since fixtures resumed,”
‘‘ One investor put in £50k and hasn’t had any returns for a year
he wrote.
“Anyone with even a passing interest in football will know that results have been wildly volatile and I do not believe they will return to ‘normal’ until fans are allowed back in stadiums.”
Mr Bentley is also behind another company, Bentley Intelligence Limited, which has an almost identical website, though Algol88 has become Algol888. I hope it has more luck.
Peter Reid has not replied to me.