Fri, 27 Nov 2015 | ADMINISTRATION
Fans of Northampton Town FC will have to wait a little longer to learn the fate of their team after the club's insolvency hearing was adjourned for two weeks.
Lawyers representing the club, which plays in League 2, and Northampton Borough Council attended a hearing at London’s High Court on Friday (27 November). The local council has brought a case against the club over a £10 million loan owned by The Cobblers - failure to resolve the financial dispute could result in the club entering administration.
In the hearing at the court, the two sides told Mr Justice Nugee that they had come to an agreement that the administration petition would begin again on 11 December if negotiations over the next two weeks did not succeed.
The £10 million loan concerns money that the council had loaned to the club for a stadium redevelopment. If the Northampton Town did enter administration it could carry serious punishments, including automatic relegation and point deductions.
Thomas Talbot-Ponsonby, speaking on behalf of the club, said that it fully supported the adjournment in the hope that the rescue package would go ahead. The judge approved the adjournment as “very sensible”.
Earlier this week a winding-up petition from HM Revenue and Customs has been dismissed after an outstanding debt of £160,000 was paid in full by the club.
View other businesses in administration.
The wholesale business has an established trading history and has built up a strong reputation and a loyal customer base. Business is drawn from a wide demographic of clients with a good spread across different business sectors.
This is a unique opportunity to acquire a company specialising in luxury performance cycle clothing, utilising the finest specialist fabrics and cutting-edge construction techniques.
A leading internet-based provider of customisable and curated beauty box services. Over the last decade, the business has evolved from a premier subscription service to a leading internet-based provider of highly attractive and rapidly expanding beau...
WEB-BASED
Please choose your settings for this site below. For more information please read our Cookie Policy
These cookies are necessary for our website to function properly and provide you with access to all features.
These are analytics cookies that help us to improve the way our website works.
These are used to improve the functional performance of the website and make it easier for you to use.