Hi there, I took part in a university society competition

Hi there,

I took part in a university society competition (Warwick Entrepreneurs Be Your Own Boss https://www.warwicksu.com/events/4300/11156/) in mid-February which advertised a cash prize of £1000. I won the competition and was promised the prize, but it turned out the organisers had failed to undertake many of the steps involved in running such a competition. There were no terms and conditions, no agreements before I presented at the competition and no requirements were made clear, nor any stipulations on what the money should be spent on.

I still haven't received the prize money, and the university is insisting that in order to receive the funds I must open a business bank account, and sign several legal agreements (that I haven't been shown yet) ensuring that I only spend the money on what they would be happy with me spending it on. It was implied that the agreement would allow them to check my bank accounts.

Should I either be unable to open a business bank account in good time, or disagree with some of the statements in the legal agreements, what would my position be? Do they have the right to make these demands, given that no terms or conditions were put forward before or after the competition took place?

Thanks in advance.