
King's Lynn look set to lose out on a money-spinning Blue Square North league game against old rivals Nuneaton next season with debt-ridden Borough set to go into administration.
Borough officials expect the club to be automatically relegated under Conference rules pending a final board meeting later this week with the Liberty Way outfit reportedly £750,000 in debt.
Lynn's Southern League Midland Division title shoot out in 1996 attracted 3,635 to The Walks for the club's biggest league crowd in the modern era.
Borough won 1-0 on the day before going on to lift the title. The Midlands' club enjoyed an unbroken four year stint in the Conference top tier until relegation in 2003.
Nuneaton director Ian Neale confirmed talks were at an advanced stage with the FA with administration the likely option to safeguard the club's long term survival.
“As soon as we go into administration the Conference will automatically relegate us but we shall take our punishment and look to take the club forward from there,” he said. “Once we are relegated and out of the Conference's jurisdiction we come under the Football Association and they will decide at what level we shall start the 2008/09 season.
“But the FA Compliance Department has been extremely helpful in guiding us along the right lines and will steer us towards what they think is the best direction for the club. One of the biggest problems is Conference rules. They offer no incentive for clubs who are struggling with insolvency to try to sort out their problems without being kicked out of the league.”
Lynn's Blue Square North neighbours Boston United remain confident they will avoid a similar fate after striking a deal to take the Pilgrims out of administration.
Boston club officials have reached agreement with Revenue and Customs to end their Company Voluntary Agreement (CVA) following approval at a creditors' meeting in Leeds.
“I didn't think we'd achieve this but its good news,” said chairman David Newton. “We move on to the next thing now. This is a significant day - its one more step along the road to rebuilding the club.”
Newton also confirmed he had bought previous owners Lavaflow and is now the majority shareholder in the club.
The acquisition of Lavaflow means that Newton's company, Chestnut Homes, owns more than three quarters of the shares in Boston United. But the club still face possible expulsion from Blue Square North for breaching league regulations.
“They have some strange rules on insolvency and it depends upon how they impose them,” said Newton. “We think it's unfair that we could have further sanctions against us when we've improved the situation drastically.”
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Showing posts with label Linnets' rival facing relegation. Show all posts
Showing posts with label Linnets' rival facing relegation. Show all posts
Saturday, 24 May 2008
Posted by Debtsgone LTD at Saturday, May 24, 2008 0 comments
Labels: Linnets' rival facing relegation
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