Rage Online Blog

Good news for Cambridge United, who look to have staved off the threat of liquidation after talks with Customs & Excise have led to a breakthrough, of sorts. C&E have apparently agreed that they will not oppose a CVA, meaning that the other Us should be able to write off 90 per cent of their unsecured debt (assuming all the other creditors also agree). Cambridge still have to find the dosh to pay the remaining 10 per cent, and to fund their close-season, and to find some players for next season in the Conference, but at least there is light at the end of the tunnel.

Good news, too, kinda, for Wrexham. The BBC reports that the administrators are taking legal action to reclaim the club's ground from Alex Hamilton, who apparently did some dodgy stuff when transferring the Racecourse from the football club to one of his property development companies. Originally Hamilton had given the club until the end of July to vacate the ground, but he backed down after the administrators challenged the legality of this.

Labels: Cambridge United, Wrexham

News from the BBC confirms that Wrexham have today petitioned the High Court to enter administration. With such a move, the Football League have confirmed that they will face a 10 point deduction, but Wrexham have indicated that they will appeal against such a penalty.

Labels: Wrexham

Hot off the BBC presses, Wrexham have won their stay of execution, with the High Court temporarily lifting the threat from the Inland Revenue's winding-up petition.

Labels: Wrexham

Although things still look bleak for Wrexham, they have a stay of execution for, perhaps, a couple of weeks as yesterday the board petitioned the High Court to grant an administration order. Red Passion reports that this petition should be heard in the next two weeks and, should it be granted, it will result in Wrexham becoming the first Football League club to receive a 10-point penalty for such a move. More immediately though, it prevents the Inland Revenue from getting the winding-up order it was seeking over an alleged unpaid tax bill of £800,000, which was expected to be granted today.

Administration may be avoided should a suitable takeover package be accepted by Wrexham's ex-chairman and still majority shareholder, Alex Hamilton. However, the perceived wisdom is that Hamilton does not want to do a deal, unless it involves him being able to sell the Racecourse Ground for development, thereby making him pots of cash. As it stands, administration looks the most likely outcome, and the only way that the supporters of Wrexham will be able to ensure their clubs survival.

Labels: Wrexham

Things are looking bleak for Denis Smith's Wrexham. Two stories from the BBC today highlight the turmoil that the Welsh club is facing. Firstly comes the report that the Inland Revenue has sought a winding-up order on the Red Dragons. This was followed shortly afterwards with the news that the managing director, John Eames, has resigned. Wrexham are the latest in a long line of football clubs which are being screwed by a property developer. Unfortunately, in Wrexham's case, it looks like this could be fatal. For more background information on the Wrexham situation check out Dismal Jimmy.

Labels: Denis Smith, Wrexham

Strange goings on in North Wales, home of our illustrious former leader, Dennis NEM Smithout. I first noticed this story on Clubs in Crisis a couple of days ago and have done a bit of digging in places such as the North Wales Daily Post to find out more. Apparently, two and a half years ago the Chairman of Wrexham, Alex Hamilton, bought the freehold to the Racecourse Ground from the brewery which owned it, and promptly transferred it to another of his companies. Then, last year, he changed the terms of the lease to the detriment of the football club and on 21st July gave the club 12 months notice to quit. Rumours of a sale to property developers abound and the ex-Chairman, Mark Gutterman, has served a court order on Hamilton preventing sale of the ground as Gutterman still has loans to the club, believed to be secured on the ground. In the meantime, Hamilton has called an extraordinary general meeting for 29th September, the only agenda item being the expulsion of the clubs 3 other directors, including John Reames who attempted to blow the whistle in the club programme. Also, Hamilton is in negotiations to defer payment of the £850,000 the club owes to the Inland Revenue. The club also owes £60,000 in unpaid VAT and has short-term debts of £2.75m. Further to this, the club's solicitors have resigned following "abusive" messages from the clubs fans. Mysteriously, the say that "client confidentiality" prevents them from saying all that they would wish. All-in-all, it’s not a pretty picture. Wonder how long the notice period on the KasStad is?!

Labels: Wrexham