Skip to main content

Bury at risk of liquidation

The latest development in the sad saga of Bury sees the club at risk of liquidation: Owner fails to pay money to creditors

Bury’s owner, Steve Dale, has failed to provide any of the money he pledged last summer towards paying the club’s debts via a company voluntary arrangement (CVA), creditors have been informed. Dale has until 11 February to pay at least £2m which is owing, otherwise the CVA will be scrapped and the 135-year-old club, which was expelled by the EFL in August, looks likely to be liquidated.

A consortium of local businessmen, so far not named publicly, is reported to have been negotiating with Dale to buy the club with its debts to pay, in the hope that Bury may be able to start again in the National League next season. A group of supporters has also made strong progress with forming a phoenix club, Bury AFC, and applied to join the North West Counties League, should efforts to keep the current club out of liquidation fail.

The latest winding up petition has now been dismissed in the High Court: Latest development

In a somewhat ungenerous remark about an experienced entrepreneur, Kieran Maguire comments: 'Bury FC winding up order dismissed for the 12th time as serial asset stripper Steve Dale continues to play the system by paying just enough in just enough time to persuade judge to allow the company to continue.'

Labels:

Comments

Post a Comment

Popular posts from this blog

Wolves get raw deal from FFP

  I used to see a lifelong Wolves fan for lunch once a month.   He was approaching ninety, but still went to games.   Sadly he passed away the other week. As football finance guru Kieran Maguire has noted, Wolves continue to be constrained by financial fair play rules.  Radio 4 this morning described them as this year's 'crisis club' and the pessimists have certainly been piling in. Martin Samuel wrote sympathetically in the Sunday Times yesterday, saying that the Premier League drives talent away with regulatory red tape: 'Why could Al-Hilal sign Neves? Because Wolves needed the money. And why did Wolves need the money? Because the club had to comply with an artificial construct known as financial fair play. So Wolves are going skint, yes? No. There is no suggestion that Wolves are in financial trouble, only that they are failing to meet the rigours of FFP. Wolves’ owners appear to have the money to run the club, and invest in the club, and in fact came up with a pow
Post a Comment
Read more

Gold standard ground boosts Tottenham's income

The gold standard in European football grounds is the Tottenham Hotspur stadium in north London, a £1bn construction project completed in 2019. Its impact on the club’s finances has become increasingly clear as the effects of the pandemic have faded. Previously, the average fan would spend less than £2 inside the ground on a typical match day, but now that figure is about £16, thanks to new facilities including the longest bar in Europe and an on-site microbrewery. Capacity has gone up from 36,000 at the club’s previous home of White Hart Lane to 62,000.  The new stadium — built on land adjacent to White Hart Lane — has opened the door to a broad range of other events that have helped to push commercial income up from €117mn in 2018 to €215mn in 2022. Last year, Tottenham hosted US singer Beyoncé for five nights on her global Renaissance tour, two NFL matches, as well as rugby games and heavyweight boxing bouts.  Money brought in from football has gone up too. Match day income is
Post a Comment
Read more

Charlton takeover approved

The long awaited takeover of Charlton Athletic by SE7 Partners from Thomas Sandgaard has been approved:  https://londonnewsonline.co.uk/se7-partners-obtain-efl-approval-for-charlton-athletic-takeover/ Charlton have had unhappy experiences with owners for over a decade, so how this works out will remain to be seen.  There is certainly potential there, but will it be realised? This interview with Charlie Methven gives detail not available elsewhere:  https://thecharltondossier.com/charlie-methven-on-the-record/
Post a Comment
Read more