Northampton FC Winding up bY HMRC

Chairman - 'Close to a conclusion on all matters'

   We are close to a conclusion on all matters surrounding the club that will allow it to move forward to a much brighter future"

 
Northampton Town are aware that HMRC have published that they have issued legal proceedings against the club for monies outstanding. The HMRC debt is a temporary issue due to the delays in completing the takeover and during this interim period the club not receiving the investment that it needs to meet all of its commitments when they fall due.

The club's Chairman David Cardoza has been in talks with HMRC to resolve this matter and has advised that after discussions he put a proposal to HMRC late on Wednesday to head off these proceedings. This proposal was too late to prevent the proceedings being published, but the Chairman fully expects the matter to be resolved by the end of next week.

Regarding the sale of the club, Mr Cardoza said, "Meetings have and are continuing this week and we are very close to reaching an agreement on the sale of the club to one of a number of interested parties and we believe we will have some definite news very soon. The potential purchasers are well aware of all the issues, including the HMRC discussions.”

Thursday is also the end of the 21 day deadline set by Northampton Borough Council for the club to repay the £10.25 million loan.

"Talks have been ongoing with the Council," said the Cobblers Chairman.

"We are putting proposals to Northampton Borough Council regarding the repayment of the loan which we hope will prove satisfactory to them and that process is ongoing as we speak.

"I fully appreciate that, off the pitch, there only seems to be bad news for supporters at the moment but we are working towards, and we believe we are close to, a conclusion on all matters that tidies up all of the issues surrounding the club and allows it to move forward to a much brighter future.

Read more at [You must be registered and logged in to see this link.]

League Two club Northampton Town have been issued with a winding-up petition by HM Revenue and Customs (HMRC).

The petition relates to money outstanding following delays to a takeover, after an Indian consortium pulled out of purchasing the club.

This is separate to a £10.25m loan from the local council which the Cobblers have until Thursday to repay.

Northampton chairman David Cardoza has said he "fully expects the matter to be resolved by the end of next week".


[You must be registered and logged in to see this link.]

Northamptonshire is flat and boring, so at least they are safe from fine gentleman on walking holidays

It is in Half Time  thread`already  VG, Non Argyle

Administration beckons I suspect then. Sad really to see another club go under

Tgwu wrote:

It is in Half Time  thread`already  VG, Non Argyle

OK

Would be the third time for them surely ?

They only owe HMRC a five-figure sum. Relative peanuts. Their Council won't want the publicity of being the ones responsible for closing down their own football club either. They'll be fine.

Merged by me with Village Green's thread on the same subject.

Well done old goat, we have one mod with his finger on the pulse

Here to serve......

eventually!

Elias wrote:

Would be the third time for them surely ?

Is it.

argyl3 wrote:

Administration  beckons I suspect then. Sad really to see another club go under

I wonder how many points Northampton Town would get deducted should they go into admin. 10, 15, 20 ?.