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.
Specialises in the provision of a range of premium pastries, hot and cold snacks, speciality cakes and freshly baked breads for major supermarkets and local businesses across the North East. Highly skilled and experienced workforce whose professional...
The business has been operated by the current vendors for over 25 years and this is the first time the site has been advertised on the open market for over 100 years. The business has built up an enviable reputation throughout the area for quality an...
Well-established and very popular MOT station and vehicle repair business Staffordshire. The business was established by our client in 2005 and is only now being offered to the market due to our clients’ desire for change of direction and to concentr...
IRIS Software Group has finalised the agreement of intent to...
Engineering and services group NG Bailey’s strategic a...
Sign up to receive our acquisition alert emails to get your FREE guide
Business Sale Report is your complete solution to finding great acquisition opportunities.
Join today to receive:
All this and much more, including the latest M&A news and exclusive resources