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Aldershot Town FC faces liquidation 3 July 2013

Embattled Aldershot Town FC is facing the prospect of liquidation tomorrow unless creditors accept the terms of a consortium’s bid.

The consortium, led by Shahid Azeem, has raised over £600,000 to settle football and non-football creditors and administrators` expenses.

A joint statement by the club’s administrators, Quantuma Restructuring, and the consortium said: “Working with the administrators, the consortium had believed that they could take the club out of administration this week.

“However, there are still some major hurdles, which if unresolved, will prevent the (only) bid proceeding.”

“Primarily these hurdles revolve around creditors (both football and non-football) accepting compromises in order to reduce their debts to match the offer received.

“The administrators have made it very clear that unless a deal is completed by Thursday this week, the prospects of saving the football club are slim as there is little or no cash left to meet on-going trading and there are no other offers on the table.

“In the event that the club fails and goes into liquidation, there will not be any dividend payment to creditors whatsoever.”

Aldershot Town entered administration in May 2013 with debts of approximately £1m, although members of the bidding consortium are prepared to write off debts owed to them as creditors of the club, amounting to almost £400,000.

The consortium has also raised additional funding to provide for working capital in order to fund the club next season, with the joint statement saying it had “a prudent business plan with financial provision to enable the club to run on a more sustainable basis.”

 

 

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