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Kettering Town FC 'facing liquidation'

Date Added: 12/06/2012  

Kettering Town FC is on the brink of going into liquidation as a result of its high levels of debt.

The club owes a list of 71 creditors more than £1 million and appears to be unable to repay them, with players, local businesses and energy companies among those owed money.

Kettering have already been relegated to the Evo-Stik Southern Premier but the future of the team could be even more bleak unless some finance is found, BBC News reports.

Acting chairman George Rolls has applied for a Company Voluntary Arrangement (CVA) in a bid to address the financial issues, with a meeting of the creditors set to be held on June 15th, where a decision on the CVA will be made.

He told BBC Radio Northampton that players who are owed cash may not receive the full amount under the terms of the deal.

East Northants District Council is owed more than £28,500, while the club is in debt to Kettering Borough Council to the tune of £2,000.

Other creditors include the Child Support Agency, St John's Ambulance and Northants Police, as well as fellow football clubs Blackpool and Charlton Athletic.

Current owner Imraan Ladak, shareholder Ray Khan and Mr Rolls are the largest creditors, but under the terms of the CVA, their loans would not be repaid.

"Of course all the creditors have been let down, but this is a solution," said Mr Rolls, who apologised to those who will not get their money back from the club.

"If the CVA isn't approved, the club will go into liquidation and the creditors will get nothing," he added, noting he himself has lost a lot of money in the last couple of years as a result of companies going out of business, so he knows how the creditors feel at the present time.

Kettering are not the only UK club facing liquidation at the moment, as Scottish Premier League side Rangers could be forced out of business unless a solution to their financial issues is found over the course of the next few months.

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Posted by Miles Pritchard

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