Keighley Cougars go into administration but are immediately bought out
Nigel
The future of Keighley Cougars has been secured.
It has been confirmed that the business and assets have been sold to a
consortium of local businessmen who are fans of the club.
The administration deal was negotiated by business rescue, recovery
and restructuring specialist, Begbies Traynor.
Cougars faced a winding up petition from HMRC for a debt of �183,000
which had built up over the last few years. When attempts by the club
and the Rugby League failed to secure a repayment agreement with the
Crown, and efforts to secure funding also failed, the company faced
being wound up or placed in to administration.
Today Rob Sadler and Gary Lee of Begbies Traynor, were appointed joint
administrators and immediately secured a sale to save the clu.The deal
has secured the future of the playing squad and staff at the ground.
Joint administrator Gary Lee of Begbies Traynor, said: �This is a
great outcome for the club and the town and means that this important
amenity for the local community will survive as well as safeguarding
the jobs of the players and staff at Cougar Park.
�Local people have rallied to save the club and this is the best
possible outcome for all parties � the club will continue and the not
for profit organisation has agreed to re-pay a proportion of any
surplus over the next five years.�
Presumably the RFL will now impose a 9 point penalty for going into
administration so I don't give much for the sides chances of avoiding
relegation from the Championship next season.
However it's still good news that the club will continue to exist.
Nigel
replace SPAMHATER with n and t*sc*li with totalise
John Turner
"Nigel" wrote
> Presumably the RFL will now impose a 9 point penalty for going into
> administration so I don't give much for the sides chances of avoiding
> relegation from the Championship next season.
Nowt like kicking someone when they're down. It's a bit like the government
making a reviatalised company charge VAT at 20% when they've come out of
administation.
John.
Izzard
"Nigel" <SPAMHAT...@tiscali.co.uk> wrote in message
news:daani59snj7i31caa...@4ax.com...
> This just reported by the Keighley News :-
>
> The future of Keighley Cougars has been secured.
>
> It has been confirmed that the business and assets have been sold to a
> consortium of local businessmen who are fans of the club.
>
> The administration deal was negotiated by business rescue, recovery
> and restructuring specialist, Begbies Traynor.
>
> Cougars faced a winding up petition from HMRC for a debt of �183,000
> which had built up over the last few years. When attempts by the club
> and the Rugby League failed to secure a repayment agreement with the
> Crown, and efforts to secure funding also failed, the company faced
> being wound up or placed in to administration.
>
> Today Rob Sadler and Gary Lee of Begbies Traynor, were appointed joint
> administrators and immediately secured a sale to save the clu.The deal
> has secured the future of the playing squad and staff at the ground.
>
> Joint administrator Gary Lee of Begbies Traynor, said: "This is a
> great outcome for the club and the town and means that this important
> amenity for the local community will survive as well as safeguarding
> the jobs of the players and staff at Cougar Park.
>
> "Local people have rallied to save the club and this is the best