"We are still making progress"
Plans to complete the takeover of Athletic on December 9th. have hit snags and it is now acticipated that the deal will not be concluded until the end of January. Before any new club can be formed some legal obligations have first to be met. A meeting of creditors has to be arranged before the club can come out of administration and they will need the okay for a CVA (Company Voluntary Arrangement) which will help them write off their existing debts. The Inland Revenue will take most of any surplus but non-football creditors, companies who supplied the club on a daily basis, will get nothing. Even season tickets would not be valid for the new company but the new owners would have an obligation to honour them.
Buy-out of club hits snags
By The Chairman
Updated Wednesday, 26th November 2003
Jon Newell, the administrator said, “The time scale is against us for December 9th. so, when you account for the Christmas and New Year period, we are probably looking at an extra few weeks. Everything needs to be in place at the same time for the Football League to agree the package, and also to transfer league membership to a new entity. But the investors are still providing funds – we know they’ve got money and we know how keen they are on a deal. They have reached agreement to buy the stadium, so the minor detail is being dealt with. We are still making progress.”
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Previously
| 25 Nov 2003 |
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| New players before weekend? |
| Appleby on the mend |
| 24 Nov 2003 |
| Dowie comments after the Chesterfield draw |
| 21 Nov 2003 |
| O'Halloran to be released |
| 20 Nov 2003 |
| Latics offer trial to youngster |
| 19 Nov 2003 |
| Killen injury hits a setback |
| 18 Nov 2003 |
| Zola called up for International duty |
