Thursday, September 30, 2004

 
Noises from North Lincolnshire suggest that Grimsby Town are the latest club to be staring down the barrel of administration, or possibly worse. According to Electronic Fishcake, the club owes the Inland Revenue £500,000 in unpaid taxes and the Revenue will be seeking a winding-up order against the club, if they haven't already done so (and I doubt that they have as these things aren't exactly easy to keep quiet!).

This puts the club into a difficult position. One possible way out is for the club to go into administration. However, as the article points out, this would mean that all of the clubs debts would have to be taken into account, including sums owed to directors who have no pressing need to get their money back. In these circumstances, the administrator may consider the business not to be viable and be forced into selling off the clubs assets. There is no confirmation about any of this from the club itself, but things could be bleak for the Mariners.

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