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Articles about football clubs facing or going into administration.
Kettering Town’s debts have led them to resign from the Blue Square Bet North where they had been relegated. They will play in the Southern League Premier next season.
The club’s debts total £1.2m. Former chairman Imraan Ladak and other directors owed money have agreed to write off their loans and to leave £402,000 outstanding. Creditors will get about 10p in the pound as part of a three year company voluntary arrangement.
Fears that Coventry City may have to go into administration have grown after an investigation by the Coventry Evening Telegraph revealed that the first call on the club’s assets are now held by a company registered in the Cayman Islands called Arvo Master Fund Ltd.
The administrators of Rangers, Duff & Phelps, have emphatically repudiated a series of allegations about conflict of interest relating to the handling of the Ticketus deal made in a BBC documentary. They regard the allegations as defamatory and are consulting their solicitors with a view to taking legal proceedings.
Former owner Balram Chainrai has put in the only bid for Portsmouth FC through his firm Portpin and is therefore likely to take the club out of administration. If all goes to plan, the process should be completed by early July.
Following the rejection of their appeal against fines and a transfer embargo, there is more bad news for Rangers. The Scottish Premier League (SPL) have got their legal team scrutinising every contract issued to players between 1998 and 2010 for evidence of non-permissible payments. Any sanctions imposed would transfer to any newco that was set up.
An international consortium headed by former Sheffield United chief executive Charles Green has agreed a deal to take Rangers out of administration. The consortium has 20 participants from the UK but also from the Middle East, Indonesia and China. A consortium of this size should be able to raise the funds the club needs. It certainly represents its best last hope.
Speaking on Radio 5 this morning the president of the Rangers Supporters Assembly warned that the club was a step nearer liquidation following the withdrawal of Bill Miller as preferred bidder. Player contracts revert to full wages on June 1st and the club is running out of cash.
Darlington are to ground share with Northern League Shildon next season. This will involve a ten mile journey from Darlington for fans. The other venue considered at Bishop Auckland would have involved a similar journey.
Even though American tycoon Bill Miller has been named as the preferred bidder for Rangers, many unanswered questions remain. A lot of these centre around the continuity of the club, although as far as fans are concerned the historic identity of the club would remain unchanged whatever its legal form.
A ‘newco’ option to exit administration is looking increasingly likely for Rangers, even though Brian Kennedy, associated with one of the two bids on the table, insists that an exit via a company voluntary arrangement is still feasible.