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POOR MANAGEMENT BLAMED FOR MERSEYSIDE REGATTA LOSSES

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A critical report by the National Audit Office published today blames poor management, lack of financial controls, ...
A critical report by the National Audit Office published today blames poor management, lack of financial controls, and over-optimism for the excessive expenditure on the Columbus Grand Regatta tall ship visit to Merseyside in 1992, reports the Financial Times (p10).

At least £695,000 of public funds have been spent so far as subsidies for the visit along with an associated operatic concert. They were supposed to break even.

The NAO places most of the blame on Merseyside Development Corporation, the government agency in charge of economic regeneration in the area.

The agency says the development corporation and its local authority partners failed to recognise the financial risks from the outset.
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