0800 644 6080
Call FREE from Landline and Mobile
Est. 1989

Northampton Town FC Avoids Administration and Liquidation As Takeover Deal Agreed At Last

Written by: Keith Tully

Reviewed: Friday 27th November, 2015

Northampton Town FC Avoids AdministrationNorthampton Town Football Club, which has been beset by a series of financial crises in recent months, has avoided administration and found itself a group of new owners.

A new company called Northampton Town Ventures Limited announced the completion of its takeover of the club late on Wednesday November 25th, with an administration hearing having been scheduled for Friday November 27th.

That court hearing is now set to be adjourned with the consent of Northampton Borough Council, a major creditor to the club which was behind the administration petition.

Earlier this week, the council agreed to amend the terms of repayment in relation to a £10.25 million loan it gave to the football club, a decision which apparently opened the door for a takeover deal to be agreed.

Northampton Town’s new executive chairman Kelvin Thomas said: “This [takeover] has been a very complicated and challenging transaction, however we are very excited about being in a position now to look forward rather than back.

“After receiving the news that Northampton Borough Council made the strong decision on Tuesday to amend the repayment terms of the debt, which we are very thankful for, it has been full speed ahead to get the paperwork completed.”

After the takeover, the football club’s new owners were able to pay off HMRC and clear in full the tax-related debts which had become a very significant financial burden for the distressed club.

HMRC recently issued a liquidation petition against Northampton Town FC, with expectations now that that petition will be withdrawn in the coming days.

“We have the funds in place to take care of the short and long term needs of the club which has been shown to both the Council and the Football League, and we will be working hard over the next few months to understand the areas of investment required and then implement plans accordingly,” Thomas said in a statement.

Remarkably, despite being faced with administration and potential liquidation, Northampton Town’s football team has performed well in recent weeks, with the club currently placed third in the League Two table, which is the third tier of English football. 

Keith Tully

Author
Keith Tully
Partner

Join Keith Tully on Linked In Join Keith Tully on Google Plus Follow Keith Tully on Twitter

Keith has been involved in Business Rescue since 1992, during which time he’s worked for both independent and national firms. His specialties include company restructuring matters and negotiating with HMRC on his clients behalf.

Meet our Team of Experts
Who we help
  • Company Directors
  • Finance Directors
  • Sole Traders
  • Accountants
  • Small Businesses
  • Large Businesses
  • Partnerships
Contact our team
Jonathan Munnery
Gillian Sayburn
Julie Palmer
Processing...
or Find your Nearest Office

Here at Real Business Rescue we take your privacy seriously and will only use your personal information to contact you with regards to your enquiry. We will not use your information for marketing purposes. See PRIVACY POLICY

Business Rescue Advice for Directors
Free Guide for Limited Company Directors
Business Rescue Advice for Directors
  • How to manage company cash flow problems
  • Advice on dealing with HMRC
  • Understanding rescue and closure options
  • And much more...
Free Guide Download
Desling with your Insolvent Clients
Business Rescue Guide for Accountants
Dealing with your Insolvent Clients
  • Helping you advise insolvent clients
  • Spotting signs of client distress
  • Exploring business rescue options
  • And much more...
Free Guide Download
Our numbers speak for themselves
75
Number of UK Offices
30000
Directors Helped
70+
Licensed Insolvency Practitioners