After a heated argument with the British royal family, Harry and Meghan are dissolving their “MWX Foundation”. However, the couple incurs horrendous costs as a result of the transaction – in particular legal fees for the negotiations with Buckingham Palace.
Due to the separation from the British royal family, Harry (37) and Meghan (40) were not only removed from their royal offices, but also had to accept much more far-reaching consequences.
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This includes, for example, that the couple is no longer allowed to use the term “Royal” since leaving the royal family. The dispute over the use of the word “Royal” alone employed lawyers on the part of the Sussex couple and Buckingham Palace.
The couple had planned to use the name SussexRoyal not only for their own foundation, but also for their website and social media channels. However, Harry and Meghan lost that dispute and had to rename their UK-based foundation SussexRoyal and remove all other trademark applications.
They settled on the name “MWX Foundation” instead, with the capital letters representing the surnames Markle and Windsor and the X being short for Sussex. Despite the renaming, the foundation, of which Harry himself was director, did not last and was wound up by Meghan and Harry in 2021.
Now the liquidation report from the commercial register (Companies House) has been made public. It shows that Meghan and Harry have to pay a proud 130,583 pounds (the equivalent of more than 150,000 euros) for the dissolution of the “MWX Foundation”.
The total is made up of £92,849 (around €105,500) for the liquidators who handled the dissolution of the foundation and £37,734 (around €44,500) for legal fees. This means that a third of the administrative costs go to lawyers who, to a large extent, conducted the difficult negotiations with Buckingham Palace surrounding the foundation.
After all costs have been deducted, the endowment has assets of 213,000 pounds (around 250,000 euros). According to the British commercial register, this sum was paid in the form of a grant to a not-for-profit company. According to British media reports, this is Harry and Meghan’s sustainable travel company Travalyst Ltd. act.
Harry and Meghan had already started a new foundation in January 2021 called Archewell – a name that comes from Greek and means “source of action”. However, the finances of this Sussex foundation do not look exactly rosy either.
In her first year, Archewell raised less than $50,000 in donations, according to her tax return. However, the legal fees for setting up the foundation were $55,600, which was higher than the income. The next tax return will show whether Archewell can support itself. In any case, the separation from the British royal family led to immense costs for Harry and Meghan – especially for lawyers.
