BC Partners is encountering significant resistance at one of its primary portfolio assets, United Group, following support from executives of its key operating subsidiaries for the founder and CEO who were removed by the British investment firm, according to the Financial Times.

An open letter to the Board of Directors of United Group, signed by eight CEOs from the operating companies of this large telecommunications and media corporation, criticized the investment fund’s management approach, which they argue could result in “long-term damage” following the dismissal of founder Dragan Šolak and CEO Viktorija Boklag, the Financial Times reports.

All but one of the CEOs from United’s operating companies—responsible for 90 percent of cash flow and approximately 70 percent of earnings before interest, tax, depreciation, and amortization—signed the letter seen by the Financial Times, demanding the reinstatement of both ousted executives.

The division between the investment fund and United’s management intensified after the Board terminated the roles of founder Dragan Šolak and CEO Viktorija Boklag in June.

Šolak, who owns the English football club Southampton, has clashed with BC Partners after his removal from the company he started in Serbia in 2000, which has grown to annual revenues of €2.7 billion.

The Serbian billionaire has initiated legal action against BC Partners, alleging he was denied a €200 million bonus related to the sale of part of the group’s assets, and has urged Dutch authorities to investigate a “serious crisis of corporate governance” at the media company.

Sources familiar with the situation revealed that BC Partners indicated he would receive the bonus; however, the Dutch court declined to process Šolak’s request for urgency in the matter.

Previously, United Group stated that Šolak’s grievances “serve exclusively the interests of Dragan Šolak, not United Group.”

Over the past year, Šolak, still holding a minority stake in the firm, has sought to buy out BC Partners’ portion of the company, but his proposals have been turned down.

His stake still provides him with sole control over how shares are allocated to managers under United’s incentive plan, according to knowledgeable sources.

A group of 14 senior executives at United, including the chief financial officer and chief operating officer, though excluding directors from various countries, sent a letter to the Board following Solak’s dismissal.

In this correspondence, they conveyed “deep concern about recent changes at the top,” which they indicated led to the resignations of multiple employees in high-ranking roles, as Bloomberg reported earlier.

“The abrupt and unplanned change in leadership was not only random, but also a highly irresponsible decision—posing an existential risk to United Group and its operations,” the executives stated.

United’s board and BC Partners have dismissed these claims as overstated, according to informed sources. Nonetheless, in the latest correspondence, eight additional directors from United supported the concerns expressed by the original 14 executives.

“We align ourselves with the broader group of senior management in a definitive stance: this situation is untenable for both United Group and our operating companies,” asserted the operating directors.

They voiced increasing unease over the “rapid introduction” of external consultants into the new management structure.

“The Group’s management, with whom we had closely collaborated, has been excluded from the decision-making process,” the latest letter mentions.

More than 50 top executives demand immediate return of Šolak and Boklag

The letter from the eight CEOs of United Group, highlighted in the Financial Times, articulates serious apprehensions regarding BC Partners’ decisions and calls for the restoration of stability, strategic continuity, and trust—both within the Group and in local markets.

With their intervention, these CEOs join the ranks of more than 50 top executives from United Group, United Media, and United Cloud, sending a clear message that the response to BC Partners’ recent actions is not an isolated event; it is a widespread issue that permeates the entire Group—from headquarters to local markets.

The letter from the CEOs introduces a particularly critical perspective, as these individuals directly manage the Group’s operations in local markets and possess deep insights into the needs, challenges, and potential repercussions of BC Partners’ detrimental decisions.

Their primary demand aligns with that of over 50 senior managers: the immediate reinstatement of Dragan Šolak and Viktorija Boklag, seen as the only feasible solution to restore trust, cohesion, and operational stability within United Group.

They caution that the current circumstances are untenable and stress that, without an urgent and fundamental change in direction, they will be compelled to reassess their relationship with the Group.

News