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Stockport County FC enter administration 3 May 2009

John Titley and Paul Reeves of Leonard Curtis, have been appointed administrators of the League One team.

Sean Connolly, chief executive of Stockport County, said they had been put into administration by David Farms Ltd of Aylesbury which is owed £300,000 and holds a debenture over the club. He believes the board was just hours away from finalising a deal.

He said: “We were in the process of drafting heads of agreement and we were absolutely convinced the deal could have been completed within the next 36 hours and we had informed David Farms of this early morning.”

The club will be fined 10 points by the Football Association but have gathered enough wins during the season to remain in League One.

John Titley of Leonard Curtis said: “We are keen to work with the board to explore all possible solutions to ensure the club’s future prospects are protected as far as possible. We are extremely hopeful that we will find a buyer for the club and are already aware of a number of expressions of interest.

“We are committed to working with the club’s management team to resolve this situation as quickly as possible, balancing the needs of concerned creditors with the future of the club.”
club has been struggling to pay debts of about £250,000 to Her Majesty’s Revenue & Customs and other creditors and narrowly avoided going into administration last month when it received what the club’s chairman described as a “substantial inflow of money”.

 

 

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