BusinessCompany NewsWrexham FC wins window of opportunity

Wrexham FC wins window of opportunity

Insolvency specialist Begbies Traynor has until December to put together a rescue package for Wrexham FC and prevent the club being docked 10 points.

Link: Wrexham FC temporarily staves off liquidation

The countdown began when a winding up petition by the Inland Revenue was adjourned today (Wednesday) after it was superseded by a last-minute administration petition from Wrexham’s directors.

The administration petition will be heard on 3 December at the High Court in Manchester, opening up a two-week window of opportunity for a deal.

David Acland and Steven Williams, the proposed joint administrators, stressed that every effort would continue to complete a financial rescue package without entering into administration, which comes with a 10-point penalty.

‘It is our hope that sufficient investment can be secured in order for a rescue plan to be formulated to ensure the long-term survival and future success of this famous Club,’ said Acland.

Wrexham, which is 132 years old and owes around £900,000 to the taxman, warned that administration was ‘not a solution’ to the club’s problems but rather ‘a mechanism through which a solution can be sought’.

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