NUNEATON BOROUGH administration fears could be realised in the next 48 hours, leading to almost-certain relegation from Blue Square North.
Director Ian Neale is meeting legal advisers and insolvency experts in Birmingham today to see what can be done to take over the club's £750,000 debts and the outcome is not expected to be good.
Although the club have yet to receive any official communications from the Football Conference following their meeting to discuss Boro's predicament last week, it is believed they have decided to relegate the club to the Southern League as per league rules if the administrators are called in.
Neale, who wouldn't comment on the outcome of today's discussions, said: "We have plans in place to tackle each eventuality but we must move on as, at the moment, the club is just treading water. If we get relegated we need to decide whether to contest the ruling and get involved in a costly court battle we might lose or invest the money into the club.
"It would be purely a commercial decision if we did the latter and one not made from the heart. Things happen in my construction business that's not right but you just have to get on with it."
On that theme, Neale, who is currently in the process of completing a deal to buy the club, yesterday outlined interim plans to invest and improve Boro's home at Liberty Way whatever happens in the coming days.
He said: "I confirm our full commitment to Nuneaton to ensure we will do everything in our power to give it a bright future.
"As part of our commitment we are taking up and relaying the pitch while entering into a maintenance programme to give us a first class surface for the 2008-2009 season.
"We have agreed to reduce the pitch size to 100m x 70m in line with the team management's requirement and also commencing this week work starts on the new memorial garden adjacent to the river."
Neale also announced the Boro Social Club will close down on June 5 for around three weeks to refurbish and rebrand the New Boro Sports Bar.
Admission prices for next season are to be announced by the end of this month, later than usual due to the current financial position of the club.
At around the same time, further information regarding other major changes and developments at the club will be made.
Neale added: "We thank all the fans for there patience at this time. It's obviously a difficult time but the aim is for a bright future and sustainability. I am confident we can achieve that objective with the fans' support, and I would like to take this opportunity to thank them for their support."
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Wednesday, 21 May 2008
Posted by Debtsgone LTD at Wednesday, May 21, 2008
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