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Administration

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Liquidation threat lifted at Hearts

The threat of liquidation has lifted from Hearts after failed Lithuanian bank Ukio Bankas agreed to sell its shares in the club for a reported £2.5m.   The bank was the club's biggest creditor and held 29 per cent of the shares as well as security over the stadium.   Hearts should now be able to come out of administration before too long.

Hereford United on the brink

Hereford United are on the brink of administration after they were served a £36,500 winding up order by HM Revenue and Customs.  Hereford's MP has asked for a degree of forbearance, but football clubs can't be exempted from meeting their tax obligations.

Non-league clubs in trouble

A number of non-league clubs are currently facing financial difficulties. This winter's wet weather has led to postponed matches and hit cash flow. When matches are rearranged for midweek, takings from the gate, bar and burger stand are often depleted.

As anticipated, Eastwood Town have folded and, elsewhere, Bashley FC are facing financial challenges. Corby Town face the threat of administration. As in the case of Eastwood, they are in dispute with the local council. Such disputes are more likely with government funding to local authorities continuing to be cut.

Winding up petition filed against Leeds

Leeds United's shirt sponsor Enterprise Insurance has filed a winding-up petition against the club over an alleged unpaid debt. The company's managing director Andrew Flowers was part of the Sport Capital consortium that had an attempt to take over the club collapse last week.

The case will be heard in the High Court in March. In 2012 the Gibraltar-based company lent Leeds £1.7m at 7% interest for repayment in 2015. The petition was filed on 29 January.

Hearts closer to exiting administration

Hearts should be out of administration before the end of April after a deal to transfer shares to prospective owners Foundation of Hearts was finalised. The club’s administrators, BDO, confirmed today that Ukio Bankas Investment Group (UBIG) have formally agreed to hand over their 50 per cent stake, pending legal approval in Lithuania.

Badgers may be culled

The Badgers, as Evo-Stik NPL DIvision One South side Eastwood Town are known, may have played their last game. Their last two matches have been cancelled. In 2011 they came fourth in the Conference North, but could not enter the play offs because of ground grading issues.

Hereford face winding up order

Hereford United have spoken to an administrator over their financial woes, admits chairman David Keyte. Keyte says United have sought the advice of an administrator ‘should the worst scenario actually be necessary’. He has issued a new appeal for fresh investment.

Poppies survive, Knitters disappear

Kettering Town have had their winding-up order rescinded at the Royal Courts of Justice in London. The Poppies were appealing the decision to wind the club up over a debt of £58,000 owed to Rushden & Diamonds (2008) Ltd a month ago.

The winding-up order has been rescinded and is set to be dismissed in 28 days, subject to Kettering paying off the agreed amount with Rushden & Diamonds (2008) Ltd.

The club has had to pay more than it originally expected. However, supporters from around the world rallied round and along with the Poppies' Supporters Trust raised £20,000 towards the costs.

Joy Seppala talks about Coventry City

Coventry Evening Telegraph reporter Les Reid has secured quite a coup by getting Coventry City owner Joy Seppala to spend two hours talking to him.   Seppala admits that she is a very private person.

The way out at Coventry?

The political reporter of the Coventry Evening Telegraph Les Reid has been following the sad saga of Coventry City and he has provided a very full in depth analysis of what has happened going back to errors made in relation to building the Ricoh Arena and its subsequent 'rescue'.   In many respects it was an overly ambitious 'grand projet' but we are where we are.