Margate go into administration
MARGATE Football Club have today filed with the Courts to enter into Administration, writes Stephen McCartney.
Administrators have been appointed and negotiations for a Company Voluntary Agreement (CVA) will take place over the next two months.
This move has been made in order to protect the company from its creditors, with whom the club have been unable to reach formal repayment plans.
This will also protect the investment being made by the clubs development partners in relation to the redevelopment project.
The club would like to stress that, whilst it would have liked to avoid this course of action, it in no way effects their return to Hartsdown Park for the forthcoming season.
However, the club have confirmed that they have formally notified the Football Conference, accepting the automatic and immediate deduction of ten points - they were relegated last weekend anyway - from their Nationwide Conference South total.
Further to this, Margate's partners the London and Margate Development Company have again confirmed that the clubs application for a CVA does not impact or effect in any way the building programme to return to Hartsdown Park for the new season.
They further undertake to meet in full all football debts including the club's transfer embargo.
Margate's presentation night, however, takes place at Hartsdown Park tomorrow (Saturday) at 7pm.
Margate v Bishop's Stortford
Nationwide Conference South
Saturday 30th April 2005
Kick Off 3:00pm
at Ashford Town FC, The Homelands, Ashford Road, Kingsnorth