Paul Kemsley

He was educated at Atholl School in Rayners Lane, Harrow. At the age of 15, Kemsley worked on Saturdays at John Paul Menswear, which led him to meeting Mike Ashley, who opened his first Sports World equipment outlet across the road. They would play darts for money on quiet afternoons.{{cite web|url=http://www.propertyweek.com/story.asp?sectioncode=38&storycode=3088809|title=Rock on a roll|author=Hodgekiss, Anna|publisher=Property Week|date=8 June 2007|accessdate=7 June 2008}}

Kemsley left school in 1984, at the age of 17, and began working at Gross Fine as a junior surveyor. From 1985 to 1992, Kemsley worked as an agent at the commercial real-estate firm Ross Jaye. In 1992, he decided to leave and join his old friend Ashley at Sports Direct where he helped to expand the group.

By 1995, Kemsley wanted to start his own business and he established a property and securities company with "the £1,800 he had left in his pocket." This was Rock Joint Ventures Ltd, formed with Joe Lewis of ENIC Group, a British investment company, and Spurs chairman Daniel Levy. Rock was an investor and developer of commercial and residential property, but specialized in land trading. It also had a private hedge fund that specialized in acquiring strategic stakes in public companies, the most well-known being their 28% share in Countryside Properties plc in 2004, which they sold to the chairman for a profit of £12 million.{{cite news|url=http://business.timesonline.co.uk/tol/business/industry_sectors/media/article745385.ece|archive-url=https://web.archive.org/web/20110612142844/http://business.timesonline.co.uk/tol/business/industry_sectors/media/article745385.ece|url-status=dead|archive-date=12 June 2011|title=Tottenham Hotspur man becomes a player in online games|publisher=The Sunday Times|date=5 December 2005|accessdate=7 June 2008|location=London|first1=Philippe|last1=Naughton|first2=Miles|last2=Costello}}

By 2007, Rock's property portfolio was valued at £750 million. Lewis parted from the company around that time. It set up a joint venture with HBOS to build a £1bn property portfolio. However, during the 2008 financial crisis, Rock was placed into administration in June 2009, ending Kemsley's involvement.[http://www.ft.com/cms/s/0/28ede272-5073-11de-9530-00144feabdc0.html?nclick_check=1 Rock goes into administration], Financial Times, 3 June 2009{{cite web |last1=Walsh |first1=Dominic |title=Rock crumbles and Sir Alan Sugar’s interrogator Paul Kemsley exits stage left |url=https://www.thetimes.com/sport/football/article/rock-crumbles-and-sir-alan-sugars-interrogator-paul-kemsley-exits-stage-left-60j8zks09wg |website=The Times |access-date=12 November 2021 |date=4 June 2009}} The administrator PwC began selling the major properties of the portfolio, which included the Selhurst Park stadium, in October 2009.[https://web.archive.org/web/20110612202922/http://business.timesonline.co.uk/tol/business/industry_sectors/construction_and_property/article6881640.ece PwC kicks off sale of Kemsley’s trophy assets], The Times, 20 October 2009 HBOS lost hundreds of millions of pounds, and Peter Cummings, the banker who had promoted the joint investments in Kemsley's portfolio, was fined £500,000 by the FSA in 2012.{{cite news|last=Kossoff|first=Julian|title=Ex-HBOS Rainmaker Peter Cummings Hit with £500,000 FSA Fine and Life Ban|url=http://www.ibtimes.co.uk/articles/383608/20120912/peter-cummings-hbos-lloyds-ban-fine.htm|accessdate=11 October 2012|newspaper=International Business Times|date=12 September 2012|quote=One of his protégés was Paul Kemsley of Rock Properties who built up a property portfolio of £1bn but went spectacularly bust in 2009 leaving HBOS with hundreds of millions in bad debts.}} In a lawsuit filed by Kemsley's former partners against HBOS, Kemsley was accused of being involved in a "self-dealing" transaction around a $35 million personal loan from HBOS.{{cite web |last1=Segal |first1=David |title=The New York Cosmos Want to Take the Field Again |url=https://www.nytimes.com/2011/04/17/magazine/mag-17Cosmos-t.html |website=nytimes.com |publisher=The New York Times Magazine |access-date=12 November 2021 |date=15 April 2011}}

Kemsley was well known as an aggressive player in the property business. In his most successful property deal, he bought 27–35 Poultry, an office block in the City of London, for £40 million in May 2006. He then sold it within five months to a former Russian government minister for £72 million. He has developed successful investments in various online betting operators including Party Gaming, Chinese-licensed Betex, and AIM-quoted FUN Technologies.

His personal wealth was estimated at £180 million in the Sunday Times Rich List 2008, and he was noted as actively supporting various charitable causes. However, in September 2008, he placed a series of large bets that doomed US bank Lehman Brothers would recover, and in May 2009, the spread betting company Spreadex took legal action against him, claiming that he was liable to pay a margin call of £2 million.[https://www.theguardian.com/business/2009/may/24/paul-kemsley-lehman-bets-spreadex Lehmans bet lands tycoon in high court], The Observer, 24 May 2009

Kemsley was a director of Spurs from 2001 through 2006, and Vice-Chairman of the club at the time of his departure in 2007. Levy announced that Kemsley was resigning to focus on his property interests in the United States,[http://news.bbc.co.uk/sport1/hi/football/teams/t/tottenham_hotspur/7048324.stm Spurs vice-chairman Kemsley quits] at BBC News Online, 17 October 2007 but the abrupt departure invited speculation that Kemsley's relationship with Levy had soured.{{cite web |last1=Kelso |first1=Paul |title=Spurs board rocked after vice-chairman steps down |url=https://www.theguardian.com/football/2007/oct/17/newsstory.tottenhamhotspur |website=theguardian.com |publisher=The Guardian |access-date=12 November 2021 |date=16 October 2007}} Kemsley's resignation came just weeks after he had been part of a delegation that traveled to Spain in an attempt to sign manager Juande Ramos, a move that was characterized as "mishandled" and which "undermined the club's start to the Premier League season".

Kemsley is known as a close friend of Mike Ashley, David Pearl, Sir Philip Green and Lord Sugar. It was through his friendship with Sugar that Kemsley played a part in the ENIC/Levy partnership's purchase of a majority share holding in Tottenham Hotspur. Kemsley later appeared as one of Lord Sugar's interviewer/advisors on the UK BBC edition of The Apprentice from 2005 to 2008, but left the show after Rock failed.{{cite web |last1=Griffiths |first1=Ian |title=Failed property tycoon goes for Cosmos glory |url=https://www.theguardian.com/business/2011/jun/10/new-york-cosmos-pele-eric-cantona |website=www.theguardian.com |publisher=The Guardian |access-date=12 November 2021 |date=10 June 2011}} He explained that he quit because his role no longer made sense following his bankruptcy: "Inevitably people were going to say: 'Who are you to interview anyone? You've just gone bust.'"

In 2010, he led a relaunch of the New York Cosmos soccer club, on the advice of his friend and associate Jeffrey Akiki.{{cite news |url=https://www.telegraph.co.uk/finance/newsbysector/retailandconsumer/7884424/Tycoon-seeks-funding-to-revive-NY-Cosmos.html |title=Tycoon seeks funding to revive NY Cosmos |accessdate=11 July 2010 |publisher=Daily Telegraph |location=London |first=Graham |last=Ruddick |date=11 July 2010}} As chairman, he was the public representative of the majority ownership group, who remained anonymous but were reportedly Saudi Arabian. He signed a merchandising deal with sportswear manufacturer Umbro and insisted that the club's goal was to join Major League Soccer Kemsley installed soccer legend and former Cosmos star Pelé as Honorary President,{{cite web |url=http://www.nycosmos.com/wp-content/uploads/2010/08/New-York-Cosmos-Press-Release-Final-for-Website.pdf |title=Legendary Pele and the World-Renowned New York Cosmos Score a Comeback |date=1 August 2010 |accessdate=1 August 2010 |publisher=New York Cosmos}} and in January 2011 appointed former Manchester United player Eric Cantona as Director of Soccer,{{cite news |url=http://news.bbc.co.uk/sport1/hi/football/9366577.stm |title=Eric Cantona takes New York Cosmos director job |date=19 January 2010 |accessdate=19 January 2010 |publisher=BBC Sport}} although the club would later claim in court that Cantona was never intended to be more than a promotional figurehead.{{cite web |last=Zagger |first=Zachary |title=Former Soccer Star Ends Firing Suit Against NY Cosmos|url=https://www.law360.com/articles/906961/former-soccer-star-ends-firing-suit-against-ny-cosmos |website=law360.com|access-date=30 August 2017}} Kemsley stepped away from the club in October of 2011, as the New York Post reported that the owners "apparently tired of the flamboyant Brit, who was long on flash but has to this point been short of substance".{{cite web |last1=Lewis |first1=Brian |title=Paul Kemsley officially steps down as Cosmos CEO |url=https://nypost.com/2011/10/26/paul-kemsley-officially-steps-down-as-cosmos-ceo/ |website=nypost.com |publisher=The New York Post |access-date=12 November 2021 |date=26 October 2011}}

In his position as Cosmos chairman, Kemsley got involved with Pelé when he flew to Brazil to enlist his help in reviving the brand. Kemsley and Cosmos Vice President Terry Byrne formed a management agency originally named "Sport 10" to handle the former superstar's merchandising and promotional deals. Kemsley kept his position as CEO of the agency, later renamed "Legends 10", after leaving the Cosmos.{{cite web |last1=Price |first1=S.L. |title=EVERYBODY WANTS A PIECE OF PELÉ |url=https://vault.si.com/vault/2014/06/02/everybody-wants-a-piece-of-pel |website=si.com |publisher=Sports Illustrated |access-date=12 November 2021 |date=2 June 2014}}{{cite web |last1=Futterman |first1=Matthew |last2=Johnson |first2=Reed |title=Pelé: Brazil's Fevered Pitch Man |url=https://www.wsj.com/articles/pele-brazils-fevered-pitch-man-1399417083 |website=wsj.com |publisher=The Wall Street Journal |access-date=12 November 2021 |date=6 May 2014}}{{subscription required}}

In March 2012, Kemsley filed for bankruptcy listing expenses of $34k per month and personal debts ranging from $10M–$50M with debts to creditors including Spreadex, HMRC, HBOS and Joe Lewis.{{cite news|title=The Apprentice 'Rottweiler' Paul Kemsley in US Court over £5m Barclays Debt Claim|url=http://www.ibtimes.co.uk/articles/475138/20130605/kemsley-spurs-bankrupt-court.htm|accessdate=12 June 2013|newspaper=International Business Times|date=5 June 2013}} However, Barclays Bank continued legal action in the United States over a £5 million loan to him.{{cite news|last=Rowley|first=Emma|title=Former Tottenham Hotspur vice-chairman Paul Kelmsley sued by Barclays over £5 million bank loan|url=https://www.telegraph.co.uk/finance/newsbysector/banksandfinance/9177332/Former-Tottenham-Hotspur-vice-chairman-Paul-Kelmsley-sued-by-Barclays-over-5m-bank-loan.html|accessdate=27 August 2012|newspaper=The Daily Telegraph|date=30 March 2012}} In March 2013, the United States Bankruptcy Court initially found against the trustee who had applied for chapter 15 bankruptcy. Judge Peck denied this application, calling Kemsley "a bankrupt who doesn't live like one". However, two months later in state court, Peck denied Barclays' claim, saying Barclays had effectively "mousetrapped" themselves in extending the loan to Kemsley.[http://business-finance-restructuring.weil.com/wp-content/uploads/2013/04/Kemsley-No-12-13570_2013WL1164930-Bankr-SDNY-3-22-13ECF-25.pdf Memorandum decision denying petition for recognition of foreign proceeding], US Bankruptcy Court, 22 March 2013. Pages 4–5. [https://caselaw.findlaw.com/ny-supreme-court/1671286.html Barclays Bank PLC v Kemsley], Supreme Court, New York. 26 June 2014.

Kemsley was married to Loretta Kemsley (née Gold) from Portsmouth. The couple have three children and were living in Radlett, Hertfordshire in 2007, before moving to America. His wife and children returned to London in 2012.[https://blogs.wsj.com/bankruptcy/2013/03/27/british-business-star-loses-bid-to-shield-u-s-assets/?mod=WSJBlog British Business Star Loses Bid to Shield U.S. Assets], "Bankruptcy Beat", Wall Street Journal, 27 March 2013. Retrieved 1 May 2013.

In March 2015, Kemsley married Dorit Kemsley (née Lemel) in New York City. He has a son and a daughter from his second marriage.{{Cite web|url=https://weddingstylemagazine.com/inspiration/real-weddings/twenties-inspired-wedding-rainbow-room-new-york-city|title=A Twenties-Inspired Wedding at the Rainbow Room in New York City}} Dorit Kemsley appears as a cast member on The Real Housewives of Beverly Hills, having joined at the start of season 7. Their family is Jewish.{{Cite web|url=https://tv.bt.com/tv/tv-from-bt/who-is-dorit-kemsley-10-things-to-know-about-the-new-housewife-of-beverly-hills-11364184335789|title=Best TV Shows, Box Sets & Movies | Stream now on BT TV | BT TV}} In May 2024, it was announced that the couple had separated after 9 years of marriage.{{cite news |last=Kang |first=Esther |title=RHOBH's Dorit Kemsley and Husband Paul 'PK' Kemsley Announce Their Separation After 9 Years of Marriage|url=https://people.com/rhobh-dorit-kemsley-paul-pk-kemsley-announce-separation-after-9-years-marriage-7502831/ |work=People |date=May 9, 2024|access-date=May 9, 2024}}

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Category:1967 births

Category:Living people

Category:English Jews

Category:Businesspeople from the London Borough of Harrow

Category:British businesspeople in real estate

Category:People from Stanmore

Category:People from Radlett