Trust writes to the Football League to express concern about current administration position
posted by Alan Palmer on Monday 01st of February 2010 10:19:40 AM
The Trust has written to the Football League to express its concern about the current administration position.
The Trust drew attention to the fact that the administration process was not initiated by the club but by a hedge fund creditor Agilo, a creditor that has a charge over all of the assets of the club including the proceeds of sale from players. This means that they could call on any monies raised in the transfer window to satisfy their debt in advance of any other creditor.
Furthermore the Trust hoped that the Football League will act to protect the interests of all the clubs in the division by ensuring that money is not handed over to the Administrator without undertakings as to its use, or if no such undertaking is forthcoming that such money is given out only on a monthly basis to be able wages to be paid while a buyer is sought. In particular it is hoped that the League will not give money now that should be kept aside for football creditors on the basis that the football creditors can be paid from later payments due from the League to the club.
Lastly, the Trust has attempted to contact the administrator Brendan Guilfoyle, to amongst other things, clarify this issue, and were pleased to see in the Guardian that he wishes to talk to the Trust. We are looking forward to him contacting us in the near future.
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