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Running Out Of Cash & Liquidation Threat

Running Out Of Cash & Liquidation Threat

The club have released a joint statement by the Administrators and Shahid Azeem led consortium.

The full statement can be read by clicking here.

'The consortium has raised in excess of £600,000 to settle football and non football creditors and administrators expenses. The consortium has also raised additional funding to provide for working capital in order to fund the club next season (and hopefully many seasons to come). In addition, members of the consortium are prepared to write off debts owed to them as creditors of the club amounting to a further £400,000.

The statement continues to say that the consortium has produced a 'prudent' business plan with the financial provision to enable the club to run on a sustainable basis.

The administrators also say that there were less expensive, alternate ways of bringing the club out of administration but those routes would've seen further footballing sanctions including further relegations and no guarantee from the Football Conference that the club would be able to play in their leagues in the future. The administrators understand that this would not be acceptable to the fans.

It is hoped the club can be taken out of administration this week, but there are still significant hurdles, which if they remain unresolved, will leave no option but for liquidation to occur.

The hurdles are getting creditors to accept the repayment compromise between what they are owed and what they are being offered.

'The Administrators have made it very clear that unless a deal is completed by Thursday this week, the prospects of saving the club are slim as there is little or no cash left to meet the ongoing trading and there are no other offers on the table. In the event that the club fails and goes into liquidation, there will not be any dividend payment to Creditors whatsoever.'

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Writer:Site Staff
Date:Tuesday July 2 2013
Time: 6:31PM

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