The administrators of Aldershot Town Football Club have said that they will be forced to liquidate the club on Thursday 4th July 2013, unless creditors accept the terms of a consortium's bid to buy the club, bringing it out of administration. The club has debts of around one million pounds.
The consortium has raised more than £600,000 to try to save the non-league side.
The administrators and the consortium hoping to buy the club issued a joint statement on the 2nd July 2013 saying that unless a deal is completed this week the prospects of saving the club are slim.
The consortium has raised in excess of £600,000 to settle football and non-football creditors and administrators` expenses. The consortium has also raised additional funding to provide for working capital in order to fund the club next season (and hopefully many seasons to come).
In addition, members of the consortium are prepared to write-off debts owed to them as creditors of the club amounting to a further £400,000.
The consortium has created a prudent business plan with financial provision to enable the club to run on a more sustainable basis.
They understand that they have a responsibility to staff, players and supporters to ensure that they never again find themselves in this position.
There were alternative, less-expensive ways to take the club out of administration, however, these would have involved the club receiving further footballing sanctions including further relegations and with no certainty from the Football Conference that the club would be able to play in their leagues in the future. It is acknowledged this is unacceptable to the loyal fan base.
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.
More top news
Philippa has Sunday's weather for the east
Philippa has Sunday's weather for the west
Philippa has the latest weekend weather for the east