BusinessCompany NewsWrexham placed into administration

Wrexham placed into administration

Wrexham FC has entered administration, incurring a 10-point penalty that sends the club to second-bottom place in League One.

The High Court in Manchester made the decision after hearing that problems ranging from the collapse of ITV digital to poor cup runs had left it with debts of almost £2.5m.

The club decided to petition for administration in a bid to avert a liquidation petition by the Inland Revenue.

Begbies Traynor has been appointed to try to help the club recover, with David Acland and Steve Williams as joint administrators.

The High Court in Manchester heard the struggling club’s calls to enter into administration as a way of avoiding liquidation and expulsion from the football league. Of the Dragons’ £2.5m debt, just under £1m is owed to the Inland Revenue.

Former Wrexham chairman Mark Guterman told BBC Wales that putting Wrexham into administration was the right thing to do to save the club, but said that it is the refusal of the current owner, Alex Hamilton, to sell the Welsh side that has plunged the club into its crisis.

‘The directors have got no choice, they have to protect the club from liquidation. It didn’t need to happen because there was a deal on the table to Mr Hamilton, showing him £1.5m profit.’

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