SMG Europe, Continent's Biggest Venue Operator, Reports Possible Fraud

SMG Europe, the biggest operator of sports and entertainment venues on the continent and in the UK, has reported to police that the company may be the victim of fraud. Details, such as how much has gone missing or how, have not been disclosed by the company, although it notes that all of the missing assets were solely controlled by SMG.

"SMG's internal controls identified an irregularity that SMG reported to Greater Manchester Police," the company said in a statement. "SMG's report to the police involved a suspected theft of assets that belonged to SMG and to no one else. SMG has been fully cooperating with the ensuing official investigation."

Although formal acknowledgement of the crime has just been made, apparently the first reports to Manchester police were made during October of 2014.

No arrests have been made with regard to the investigation as of publication time. It's suggested however that the missing cash or other assets were embezzled by one or multiple employees within the company.

SMG Europe operates 230 venues around Europe, ranging from the Metro Radio Arena in Newcastle to the more sizable Wroclaw Stadium in Poland. The company's holding in its hometown, the Manchester Arena, brought in more than 1 million ticket holders to a total of 122 events during 2014, making it the world's third busiest arena (behind Madison Square Garden and London's O2 Arena).

Stay tuned for further details.